May 2024 Issue of In Business Magazine

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ARIZONA REALTORS®: PIONEERING PHILANTHROPY FOR LASTING SOCIAL IMPACT

This month spotlighting Arizona REALTORS®, Tyler Butler’s series explores the myriad ways businesses give back and the positive ways their programs impact our community.

50

RESILIENCE – THE CORE OF TODAY’S BUSINESS STRATEGY

Kathleen Gramzay’s series furnishes organizational leaders with a holistic, comprehensive outlook, enabling leadership that leverages the potency of human resilience.

34 The Real Deal: On the Ground with Commercial Real Estate

Leading professionals in this market share insights on what is happening now and help us understand what influences may direct future development.

DEPARTMENTS

13 Guest Editor

Suzanne Kinney, president and CEO of NAIOP Arizona, introduces the “Commercial Real Estate” issue.

16 Feedback

Chloe Conklin, Chris Kearney and Jennifer Understahl respond to In Business Magazine’s burning business question of the month: For your type of business, what are the most important physical attributes of your workplace?

18 Briefs

“Keep Employees Healthy by Maintaining a Clean Work Environment,” “Dailies Top Stories,” “Local Standouts Recognized for Achievements and Philanthropy” and “Navigating the Entrepreneurial Landscape: Insights from Valley Leaders”

21 Startups

“PrismJet: Jet Owners’ One-Stop Solution” and “Max & Ollie: Baseball as a Lifestyle Brand”

22 From the Top

Steve Purves expands Valleywise’s presence around Maricopa County to increase access to healthcare throughout the Valley.

23 CRE

“Emerging Trends in Demand for Phoenix Office Space,” “Goodyear Develops Walkable Urban Center,” “Class A Industrial Completed in Glendale,” “Live, Work, Shop, Play in Gilbert,” “PV Parcel Sells Low to Preserve Low Density” and “Transition to Sustainable Energy Sources: A Trend in Real Estate Development”

26 Semi Insights

“IMAPS Device Packaging Conference Celebrates 20 Years of Success,” “Chips of the Future: New Frontier in Advanced Packaging” and “Enhancing Collaboration through Cultural Training”

FEATURE

36

10 Ways to Strengthen Your Next Loan Application

Julie Fletcher discusses and demystifies lenders’ decision-making — and 10 ‘red flags’ for loan applicants to avoid.

45 The Future of Rebranding

David Brier examines top 2024 trends that will drive business success.

52

The Burnout Battle: Why Leaders Must Lead the Charge

Jessica Rector explores the imperatives for leaders to improve wellbeing and productivity throughout their company.

“NAU Programs Address Critical Nursing Shortage” and “Transforming Mental Health in the Workplace: The Crucial Role of Company Culture”

“Business Leaders Value ChatGPT Experience in Up-and-Coming Workforce” and “Today’s Mini Golf: How Puttshack Is Embracing Technology”

42 Books

New releases give fresh insights on business thinking. 44 Economy

Chris Van Dusen discusses what business founders need to be aware of in today’s venture capital environment.

Attorney Tyler Thorne examines why businesses need a trademark and its role in customer recognition and loyalty.

54 Nonprofit

Supporting “fair chance” initiatives that give much more than just a second chance, the fair chance collaborative builds off existing community efforts.

55 Assets

2025 Lexus UX Hybrid Plus: Handwrytten robots put a personal touch on direct marketing.

56 Power Lunch

Breakfast Kitchen Bar: Where Business Meets Flavorful Dining

Amy Campbell shares the four key components behind PB Bell’s effective employee training program.

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May 2024 Words

RaeAnne Marsh

Editor, In Business Magazine

RaeAnne Marsh became editorial director of Phoenix-based InMedia Company in 2010 and helped launch Valley-wide business resource In Business Magazine. Her journalism career began more than 20 years ago, when she left California and 12 years of teaching to transplant in Phoenix’s vibrant entrepreneurial environment, and includes incorporating her own business, Grammar & Glitz, Inc., to work with business and media clients nationwide.

Holding the magazine to strong editorial standards, she says, “New businesses are founded, out-of-staters bring new strengths, established businesses evolve and expand — all of which contributes to the dynamic vitality that I see as the mission of In Business Magazine to be the voice of and vehicle to nurture, in each monthly edition. It is my challenge to ensure each edition is packed with relevant information on a broad spectrum of issues, aimed at a readership that runs the gamut from entrepreneurial startup to major corporation.”

Guest columns are feature articles presented as a special, limited series as well as regular, ongoing series in In Business Magazine

Tyler Butler

Guest Columnist – Social Impact

A long time corporate social responsibility practitioner, Tyler Butler is known for her expertise in creating, launching and developing successful social impact programs. Her commitment to rallying people together to make a positive difference has created sustainable signature programs empowering people to give back in a myriad of ways globally. Butler operates under the ethos of “each one teach one,” and so her contributions to In Business Magazine provide her with an outlet to share the best of what companies are doing to aid humanity. Butler looks to shed light on good corporate citizens and share stories about the magic they are creating through their generous outreach efforts.

Kathleen Gramzay

Guest Columnist – Resilience

Kathleen Gramzay, LMT, is an entrepreneur, body/mind resilience expert, speaker, author, and founder of Kinessage LLC. The Kinessage® methods are taught nationally to transform stress, chronic tension and pain, and increase mental resilience and longterm health for greater well-being and sustainable success. Her programs empower leaders and teams to be present, think more clearly and work more productively, confidently and collaboratively.

Bruce Weber

Guest Columnist – Capacity

Bruce Weber sees In Business Magazine as a valuable forum for topics relevant to our business and nonprofit community. “I am deeply interested in organizational capacity and what makes organizations successful and impactful in the work they do. In my work in the community for more than 16 years, I have worked with all sizes of organizations and leaders in helping their businesses grow and expand their impact. My previous careers with Microsoft and Hewlett Packard involved working with business integration partners to design strategies to engage new markets. In today’s complex world, I enjoy exploring the possibilities and opportunities that change can bring.”

This

month’s contributors

David Brier is the bestselling author of Brand Intervention and Google’s No. 1-ranked rebranding expert.

Amy Campbell is the director of learning and development at P.B. Bell.

Julie Fletcher, MBA, is a vice president and business banker team lead at Enterprise Bank & Trust.

Emma Garcia is the chief community development and engagement officer at Valley of the Sun United Way.

Jessica Rector, MBA, is the author of No. 1 best-selling Blaze Your Brain to Extinguish Burnout and host of podcast “The Say Yes Experience.”

Tyler Thorne is a corporate transactional and trademark attorney at Gallagher & Kennedy in Phoenix.

Chris Van Dusen is a senior partner at Solyco Capital.

Publisher Rick McCartney

Editor RaeAnne Marsh

Web Editor Jake Kless

Graphic Design Benjamin Little

CONTRIBUTING WRITERS

Shannon Blood

David Brier

Tyler Butler

Amy Campbell

Andrea Davis

Nathan Donohue

Julie Fletcher

Emma Garcia

Kathleen Gramzay

Mike Hunter

Jay Khatami

Ryan Knoll

Holly Morgan

Michael Murphy

George Orras

Stephanie Quinn

Jessica Rector

Ben Shepherd

Tyler Thorne

Chris Van Dusen

ADVERTISING

Operations Louise Ferrari

Business Development Raegen Ramsdell

Louise Ferrari

Cami Shore

Events Amy Corben

WTSM TV STUDIO

General Manager Chris Weir

More: Visit your one-stop resource for everything business at inbusinessphx.com. For a full monthly calendar of business-related events, please visit our website.

Inform Us: Send press releases and your editorial ideas to editor@inbusinessphx.com

President & CEO Rick McCartney

Editorial Director RaeAnne Marsh

Financial Manager Tom Beyer

Office Manager Allie Jones

Accounting Manager Todd Hagen

Corporate Office InMedia Company 45 W. Jefferson Street Phoenix, AZ 85003

T: (480) 588-9505

info@inmediacompany.com www.inmediacompany.com

Vol. 15, No. 5 In Business Magazine is published 12 times per year by InMedia Company. POSTMASTER: Send address changes to InMedia Company, 45 W. Jefferson Street, Phoenix, AZ 85003. To subscribe to In Business Magazine, please send check or money order for one-year subscription of $24.95 to InMedia Company, 45 W. Jefferson Street, Phoenix, AZ 85003 or visit inbusinessphx.com. We appreciate your editorial submissions, news and photos for review by our editorial staff. You may send to editor@ inbusinessmag.com or mail to the address above. All letters sent to In Business Magazine will be treated as unconditionally assigned for publication, copyright purposes and use in any publication, website or brochure. InMedia accepts no responsibility for unsolicited manuscripts, photographs or other artwork. Submissions will not be returned unless accompanied by a self-addressed, stamped envelope. InMedia Company, LLC reserves the right to refuse certain advertising and is not liable for advertisers’ claims and/or errors. The opinions expressed herein are exclusively those of the writers and do not necessarily reflect the position of InMedia. InMedia Company considers its sources reliable and verifies as much data as possible, although reporting inaccuracies can occur; consequently, readers using this information do so at their own risk. Each business opportunity and/or investment inherently contains certain risks, and it is suggested that the prospective investors consult their attorney and/or financial professional. ©2024 InMedia Company, LLC. All rights reserved. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission by any means without written permission by the publisher.

Getting a business loan...

In Business Magazine is a collaboration of many business organizations and entities throughout the metropolitan Phoenix area and Arizona. Our mission is to inform and energize business in this community by communicating content that will build business and enrich the economic picture for all of us vested in commerce.

PARTNER ORGANIZATIONS

Debbie Hann, Chief Operating Officer Arizona Small Business Association Central Office (602) 306-4000 www.asba.com

Steven G. Zylstra, President & CEO Arizona Technology Council One Renaissance Square (602) 343-8324 www.aztechcouncil.org

Kristen Wilson, CEO AZ Impact for Good (602) 279-2966 www.azimpactforgood.org

Terri Kimble, President & CEO Chandler Chamber of Commerce (480) 963-4571 www.chandlerchamber.com

Suzi Freeman, President NAWBO Phoenix Metro Chapter (480) 289-5768 www.nawbophx.org

Colin Diaz, President & CEO Tempe Chamber of Commerce (480) 967-7891 www.tempechamber.org

Our Partner Organizations are vested business organizations focused on building and improving business in the Valley or throughout Arizona. As Partners, each will receive three insert publications each year to showcase all that they are doing for business and businesspeople within our community. We encourage you to join these and other organizations to better your business opportunities. The members of these and other Associate Partner Organizations receive a subscription to In Business Magazine each month. For more information on becoming an Associate Partner, please contact our publisher at info@inbusinessphx.com

ASSOCIATE PARTNERS

Ahwatukee Foothills Chamber of Commerce ahwatukeechamber.com

Arizona Chamber of Commerce & Industry azchamber.com

Arizona Hispanic Chamber of Commerce azhcc.com

The Black Chamber of Arizona phoenixblackchamber.com

Economic Club of Phoenix econclubphx.org

Glendale Chamber of Commerce glendaleazchamber.org

Greater Phoenix Chamber of Commerce phoenixchamber.com

Greater Phoenix Equality Chamber of Commerce gpglcc.org

Mesa Chamber of Commerce mesachamber.org

North Phoenix Chamber of Commerce northphoenixchamber.com

Peoria Chamber of Commerce peoriachamber.com

Phoenix Metro Chamber of Commerce phoenixmetrochamber.com

Scottsdale Area Chamber of Commerce scottsdalechamber.com

Scottsdale Coalition of Today and Tomorrow (SCOTT) scottnow.com

Surprise Regional Chamber of Commerce surpriseregionalchamber.com

WESTMARC westmarc.org

Suzanne Kinney is president and CEO of the NAIOP Arizona, the commercial real estate industry association. During her tenure, the organization has grown to have more than 1,000 members and has won several national awards, including NAIOP Chapter Executive of the Year and Chapter of the Year. Kinney has been named a Real Estate Power Broker twice and a Woman Achiever by the Arizona Capitol Times Previously, she has run her own consultancy and worked at the Arizona Chamber of Commerce and Industry and Morrison Institute for Public Policy at Arizona State University. naiopaz.org

Business Builds on CRE

Commercial real estate serves as a mirror to the multitude of social changes we’ve experienced since the onset of the COVID-19 pandemic. This economic sector has long been known for its cyclical market, but we may be seeing much longer-term trends.

Greater Phoenix continues to be a hot spot for industrial development despite more challenging market conditions. Reshoring manufacturing, especially for advanced products ranging from semiconductors to autonomous and electric vehicles to industrial chemicals, looks to be a more permanent change as companies aim to prevent supply chain disruptions.

With higher interest rates, capital is harder to come by for much-needed multifamily projects. Nevertheless, people from across the United States and beyond continue to choose Arizona as their new home. As our population increases, so does the need for a range of housing options. Developers are working to meet the growing need for luxury, workforce and affordable multifamily housing in communities throughout the Valley despite it having become more difficult to finance these important projects.

Retail real estate is experiencing a resurgence. More residents drive the need for more shopping and dining options. Exciting new entertainment projects that combine dining, hospitality and engaging retail are popping up all over the Valley.

For this month’s cover story, In Business Magazine worked with leaders in the four sectors of commercial real estate — industrial, retail, office and multifamily — and a specialized sector that is seeing significant growth: healthcare and biosciences. Speaking to the current state of CRE and what the future economic picture looks like given the state of today’s market, they give insight into how CRE developers and brokers deal with tenant needs such as employers struggling to anticipate changing workplace needs due to the pressure of accommodating in-office, remote and hybrid workforces as well as other unexpected results of the pandemic while also being directly impacted by market forces such as increasing land values and construction prices.

Offering insight into another key economic sector, Enterprise Bank & Trust vice president Julie Fletcher’s feature on “red flags” for business loans discusses what businesses should avoid and how they can be best prepared for the loan process — from basic items to less common ones — when applying for a business loan.

This May edition premiers a new Guest Columnist column: Resilience, the Core of Everything. In this bi-monthly feature, Kathleen Gramzay aims to help business leaders leverage the potency of human resilience through a holistic and comprehensive look at relationships and interaction within organizational structure.

Startups, rebranding, what’s happening in our local semiconductor industry, even where to enjoy a “Power Lunch” are among the varied topics that fill this May edition as In Business Magazine continues to help strengthen our business community through relevant, informative content.

I am pleased to help bring you this May edition of In Business Magazine and invite you to enjoy the rich and varied content.

Sincerely,

Suzanne Kinney President & CEO Arizona

Chapter of NAIOP

Commercial Real Estate Engine

There are so many factors that measure the health of our economy, but few are as calculating as commercial real estate. We look at office, retail, multifamily and industrial as really the four legs of the table that is our economy. When one is good, it can be strengthening; when several are weak, it is a sign of fragility. In this issue of In Business Magazine, we explore the different areas and uncover the impact each is having on our economy. While growth is good, how it manifests through CRE is a telling measure of our economy.

I want to thank Suzanne for leading this issue. Her expertise and connection to the commercial real estate professionals give her a unique vantage point when it comes to the health of our market. She and NAOIP Arizona do a great job of connecting this sector and thereby empowering the commercial real estate community here.

—Rick McCartney, Publisher

CONNECT WITH US: Story Ideas/PR: editor@ inbusinessphx.com

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us online at www.inbusinessphx.com

SUZANNE KINNEY, NAIOP ARIZONA

At Colliers International in Arizona, we are committed to teamwork, service, expertise, and fun. Our people live these core values, providing the trustworthy foundation of client service. Colliers’ dedication to supporting our family, both at work and home, catapults our team to unparalleled levels of performance. Each team member’s commitment to client relationships takes them beyond business achievement to create a passion for shaping the future. Partner with the innovative professionals at Colliers who dream big and see what could be. Visit colliers.com/arizona to learn more. We don’t just see another workplace. We see an award-winning culture.

FEEDBACK QUESTION: Let us know what you want to know from the Valley’s top business leaders. editor@inbusinessphx.com

For all past Feedbacks go online to inbusinessphx.com and see what Valley executives think on various business topics.

For your type of business, what are the most important physical attributes of your workplace, and why?

CHLOE CONKLIN

Manager of Community Programs

Optum – Arizona Sector: Healthcare

The physical space at our six, Valleywide Optum Community Centers is intentionally designed for our 55+ community members to enjoy at no cost, heightening their physical activity and intellectual stimulation while providing emotional support and social connection.

Our living room, where people enter, is the hub of each center’s space, providing immediate access to friends and activities. Our front desk is strategically off to the side so as not to obstruct the instant, welcoming vibe. The fitness room is purposefully designed with floor-toceiling windows so that participants can see others just like them while allowing our certified personal trainers to always have a clear line of sight into that space. Just off the living room is our multipurpose room, designed with specialized exercise flooring with shock absorption for group fitness classes. A ceiling-mounted projector, retractable screen and surround sound augment the multipurpose room’s utility. For Optum Medical Network members, each community center features a medical clinic just off the living room area that provides annual wellness visit examinations and health screenings.

Optum Arizona optum.com/en/care/locations/arizona/optum-arizona.html

Chloe Conklin is manager of Community Programs for Optum – Arizona. She is responsible for overseeing six Optum Community Centers in the Valley and one in Tucson, along with build-out of new centers coming online.

CHRIS KEARNEY

President and Chief Information Officer

TruWest Credit Union Sector: Financial

The design process for TruWest® Credit Union’s new headquarters was meticulously planned and implemented. Surveys were conducted amongst employees to understand their priorities for the workplace. Their insights were incorporated into every aspect of our new facility. These features include open collaboration areas, ample natural lighting, covered parking suitable for Arizona’s climate, and technologyenabled conference rooms that support hybrid teams.

Spanning more than 26,000 square feet, our new headquarters boasts more than 20 offices, 60 workspaces, a large multi-purpose space, and a full coffee bar in our welcome area. Every detail, from the art and furniture to the overall design and graphics, was dreamed up by TruWest employees with assistance from our design partners to reflect TruWest Credit Union’s rich history, diverse workforce and unwavering dedication to community service.

We take immense pride in our new facility and deeply appreciate our employees’ unwavering dedication in bringing the dream to reality. Their efforts have transformed it into a space poised for long-term growth and enjoyment.

TruWest Credit Union truwest.org

Chris Kearney serves as president and chief information officer at TruWest Credit Union in Tempe, Arizona, overseeing Technology, Lending, Human Resources, Risk Management, and Facilities for the $1.8-billion credit union. Holding a Bachelor of Science and MBA from Arizona State University, he brings more than 20 years of credit union expertise and a background in consulting. Kearney believes in connecting people and technology to drive exceptional business outcomes.

Sign up for the monthly In Business Magazine eNewsletter at www.inbusinessphx.com. Look for survey questions and other research on our business community.

JENNIFER UNDERSTAHL

Partner

Perkins Coie

Sector: Law

It is especially important in the post-COVID era to have a space where people want to be — a space that is not only functional but that adds value for the individual. And, of course, be technologically up to date.

Our new space has large windows that let in the natural light as well as the views of Camelback Mountain and it also displays a colorful, inspiring and extensive art collection that showcases the rich cultural tapestry of Arizona. There are also patios where we can step out and take a moment to enjoy the air and views. The kitchen and other collaborative spaces are designed for greater interaction when grabbing a coffee or snack as well. This allows for easy and natural collaboration and a feeling of social connectedness. The glass windows in the offices also allow for more waves, acknowledgments and interactions. Finally, the central location and amenities at the Esplanade allow for greater ability to “run into” clients and other colleagues as well as give easy access to restaurants for meetings and celebrations.

Perkins Coie LLP perkinscoie.com/en/ Jennifer Understahl is a real estate partner in the law firm Perkins Coie, practicing in its Phoenix office. She negotiates, strategizes and collaborates with clients to close sophisticated commercial real estate transactions across the United States and internationally. Understahl focuses on helping large corporations navigate their owned and leased real estate portfolios, commercial leasing, real estate finance; improved commercial property sales and acquisitions; and joint ventures.

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DAILIES TOP STORIES

‘In Business Dailies’ Most Views Last 30 Days

Here are the stories with the most views over the past 30 days (prior to press time) that were features in our In Business Dailies. The In Business Dailies hit email inboxes twice each weekday — at 9:30 a.m. and updated at 4:30 p.m. Sign up today at www.inbusinessphx.com/dailies-signup.

Special Section | Business Healthcare Services Guide | April 2024

Key Insights that Influence Employee Health

by Patty Starr and Craig Kurtzweil

A first-of-its-kind study reveals that community health and non-clinical social barriers have a much more profound impact on workforce health than previously recognized. “Surprisingly, only about 20% of our health is determined by the medical care we receive,” says Heather Kane, chief executive officer of UnitedHealthcare, Arizona & New Mexico, citing the findings from the Health Action Council/ UnitedHealthcare White Paper

Special Section | Arizona Giving Guide | March 2024

10 Reasons Why You Should Donate on Arizona Gives Day

by Jennifer Purcell

Donors, collectively, are part of a larger community and can have a significant impact on our lives and our neighbor’s lives. However, according to the National Council of Nonprofits, charitable giving by corporations, foundations, individuals and bequests to support the work of nonprofits dropped 10.5% last year and giving by individuals fell 13.4% after adjusting for inflation.

HR & Management | Feature | April 2024

Implementing Vacation Time Enhances Business Operations

by Fabrizio Cali

One crucial element of running a restaurant is valuing our employees’ work-life balance. At Dolce Vita, I have made the decision to close every Monday and for a week each summer to give my staff a day of rest as well as a true vacation. Many business owners may be concerned about how this will impact their bottom line, but, by fostering a healthy work environment, they will see the benefits of providing this incentive to their employees.

Technology & Innovation | Semi Insights | March 2024 Powering the Future from Chandler, Arizona

by Stephanie Quinn

Amidst the technological strides being made in Arizona, the state continues to develop its extensive network of highly specialized companies that help create the chips that the world literally runs on.

Keep Employees Healthy by Maintaining a Clean Work Environment

In any office setting, cleaning isn’t just about keeping it looking nice for guests. The cleanliness of the workplace has a direct effect on employee’s health, productivity and morale. A clean environment helps reduce stress, fosters a sense of pride in the workplace and promotes physical health.

HEALTH BENEFITS

Having a clean office reduces the risk of illnesses. Hiring a professional commercial cleaning service to come in at least three times a week will cut down on bacteria, allergens and other germs that may make employees sick — sanitizing high-touch surface areas, keeping bathrooms clean and ensuring proper airflow through the workplace to prevent the spread of colds, flu and other contagious diseases. Doing these minimal tasks will cut down on employees getting sick, which will keep them in the office so they can get the job done.

BOOST IN PRODUCTIVITY

Getting rid of clutter, dust, dirty floors, windows and workspaces helps workers concentrate on their tasks at hand instead of the environment around them. Employees are less distracted when their workspace is tidy. Also, when everything is in its right place, it makes employees’ jobs much easier when they must go search for a document or find the ink for the printer. The last thing a manager wants to see when an employee is on a deadline is them cleaning up the workspace because it has become so cluttered and dirty they can’t take it anymore.

BOOST IN MORALE

Having a clean office shows that the employer values the health of employees. Taking care of the work environment creates a positive culture and boosts employees’ pride in the workplace. On the other hand, neglecting cleanliness by not having regularly scheduled professional cleaning and allowing clutter to build up shows a lack of motivation by management and can lead to decreased morale amongst employees, which, in turn, will lead to a drop in productivity.

BETTER ORGANIZATION

An organized office is conducive to boosted productivity and can help with mental clarity. Management should encourage employees to declutter desks and common areas. Designated specific storage areas for supplies and documents will minimize distractions to enhance better focus. Minimalized office designs help streamline workflows, reduce clutter and promote a more efficient workspace. Having a clean work environment is not just making sure the space looks great for when clients visit. It is critical for a thriving and productive work environment. By prioritizing cleanliness, management is showing employees they care about their health and the overall well-being of everyone who steps inside the building. —Ryan Knoll, owner of Tidy Casa (tidycasa.com) in Phoenix, which has been serving the Greater Phoenix area for nearly a decade

A recent survey commissioned by Wealth of Geeks reveals that once employees settle back into the office routine, they are experiencing a renewed sense of happiness and fulfillment. The survey, which polled 3,000 workers who have returned to the office full-time, found the average Arizonan employee rated work happiness at an impressive 8 out of 10. wealthofgeeks.com

Local Standouts Recognized for Achievements and Philanthropy

ACHIEVEMENTS

Butler Design Principals Receive NAIOP Award

Rick Butler and Jeff Cutberth, partners for the past 28 years at Butler Design Group, were recently honored with NAIOP Arizona’s 2023 Award of Excellence, which recognizes individuals who have made a significant and positive impact on the commercial real estate industry in Arizona over a period of at least 15 years, along with direct contributions to the chapter. naiopaz.org

‘Best Dealership Award’ to Yates Buick GMC Yates Buick GMC was recently recognized as the Best Buick Dealership, underscoring the outstanding achievements and contributions of dealership president Whitney YatesWoods. Yates-Woods, who has emerged as a trailblazer in the industry, is committed to breaking gender barriers and promoting inclusivity. yatesbuickgmc.com

Rosendin Leader’s Awards Look to Past and Future

Mike Greenawalt, CEO emeritus of Rosendin, one of the nation’s largest employee-owned electrical contracting companies, has been honored with two awards this year: Grand Canyon University’s Colangelo Servant Leadership Award for providing alternative career pathways for high school graduates through the Pre-Apprenticeship Program for Electricians he partnered with GCU to develop, and Engineering News Record’s Southwest 2024 Legacy Award, for his lifetime legacy of service within the electrical industry and local communities. rosendin.com

Marcus & Millichap a ‘CRE Best Places to Work’ Marcus & Millichap was recently named one of the 2024 CRE Best Places to Work by GlobeSt. Real Estate Forum, a leading publication for CRE news and information. “This award is a testament to our shared commitment to collaboration and fostering a positive, diverse and inclusive workplace environment,” says Ryan Sarbinoff, VP and regional manager of the Phoenix, Tucson and Albuquerque offices. marcusmillichap.com

PHILANTHROPY

SRP Gift Spurs EV Training

SRP recently donated a 2017 Ford Fusion from its fleet to the Maricopa Community Colleges Foundation, enabling Mesa Community College to add the Introduction to Electric and Hybrid Vehicles course to its Automotive Service Program and helping strengthen the EV workforce in an increasingly important sector of the economy. maricopa.edu • srpnet.com

Navigating the Entrepreneurial Landscape: Insights from Valley Leaders

2024 has been predicted to be a year of booming home-based entrepreneurship, so those who want to start their own business aren’t alone. Studies indicate that Gen Z is poised to lead the charge as the most entrepreneurial generation and, according to Wells Fargo, the number of woman-owned businesses has almost doubled in the last few years compared to men.

As I step into the role of forum chair for Arizona Entrepreneurs’ Organization, I can’t help but reflect on the dynamic entrepreneurial ecosystem that defines the Valley. With 2024 having been predicted to be a year of growing entrepreneurship, people are left with questions about how they can take part successfully.

Harnessing the wisdom of our Valley’s leading entrepreneurs, I’ve gathered these tips for those embarking on their entrepreneurial journey.

Delegate wisely. Understanding strengths and weaknesses is paramount. Delegating tasks that don’t align with expertise frees up valuable time to focus on strategic initiatives. Whether it’s administrative duties or technical challenges, outsourcing allows the business to maintain productivity and efficiency without spreading the owner too thin.

Focus on revenue generators. In a landscape cluttered with endless opportunities, it’s crucial to identify and double down on what works best for the business. Instead of chasing every trend, entrepreneurs should concentrate on revenuegenerating activities that drive sustainable growth. By narrowing the focus, resources can be maximized and distractions can be minimized, which can propel the business forward with purpose.

Embrace lean operations. The current labor market presents challenges, but it also offers opportunities for innovation. Leveraging virtual assistants and adopting lean practices can streamline operations and reduce costs without sacrificing quality. Embracing agility and adaptability allows the business to stay ahead of the curve while maintaining a competitive edge in a rapidly evolving landscape.

Network strategically. Entrepreneurship can at times feel lonely, and building meaningful

connections within the industry is invaluable. It is helpful to engage with peers, mentors and even competitors to exchange insights and forge partnerships. A robust network not only opens doors to new opportunities but also provides support and guidance during challenging times. Fostering relationships built on trust and collaboration can allow a business owner to navigate the entrepreneurial journey with confidence and resilience.

Cultivate grit and determination. Success in entrepreneurship is not just about skills and products; it’s about resilience and determination. Against setbacks — which are likely to be experienced along the way — entrepreneurs should try to maintain unwavering faith in the vision. It is helpful to cultivate a mindset of perseverance, as that can propel the business through obstacles toward entrepreneurial goals. It’s important to remember that every challenge is an opportunity for growth and every setback is a lesson in resilience.

Be careful with funding. Those who are starting a brand-new business, with an untested product or service, should try to limit investor capital or borrowing from a bank. Until there is market demand, it is risky to take significant investor funds, sell equity or straddle the house with debt. Instead, they should start small or bootstrap the business until the marketplace demonstrates sufficient demand to perpetuate the venture. When acquiring an existing business, with current customers, employees and revenue, Small Business Administration loans often have very favorable terms.

In addition to these core principles, oneon-one mentorship is a huge key to success. Learning from the experiences, both successes and failures, of seasoned entrepreneurs can provide invaluable insights and shortcuts on the entrepreneurial journey. —Nathan Donohue, incoming forum chair of Arizona Entrepreneurs’ Organization (www.eoarizona.org) and owner of Consilio Wealth Advisors (consiliowealth.com), an advisory firm providing financial planning to tech executives with significant equity compensation

PrismJet: Jet Owners’ One-Stop Solution

PrismJet offers dynamic aircraft management and charter services with the goal of providing concierge management services with a unique and proactive approach. “Think of PrismJet like a property management company but, instead of investment properties, we take care of every facet of jet ownership, including pilot staffing, accounting, maintenance, trip planning, regulatory oversight, hangaring, insurance and purchase consultation,” explains Scott Casey, PrismJet vice president.

Noting that not only is there a lot to manage but every aspect takes time, money and knowledge, Casey has found that the overhead costs of jet ownership is daunting that some owners choose to make their aircraft available for charter trips when they aren’t using it. “Since PrismJet is a FAA certificated charter operator we are able to handle this in-house, making PrismJet a one-stop solution for aircraft ownership,” he says, adding, “Often, the cost savings of our strategies and group buying covers our fees, giving a jet owner our decades of knowledge and experience at no cost.

PrismJet was founded in 2023 by a group of industry veterans who, as Scott puts it, “know what works best and, more importantly, what doesn’t work.” In addition to caring for the owners’ needs, its experienced executive team is familiar with the complexity and compliance issues of this industry’s extensive governmental regulation.

Even with that expertise in-house, Scott acknowledges that starting a new company also involves relying on others outside the organization. So, observing that, “although it’s the most important thing to you, it might not be to them,” Scott says one of their biggest challenges was having to constantly status check and communicate in order to move the project forward.

Says Scott, “Private jet travel is never inexpensive, so the client must see value in your attention to detail, communication, transparency, and commitment to safety for their investment.”

PrismJet prismjet.net

—RaeAnne

Marsh

Max & Ollie: Baseball as a Lifestyle Brand

Max & Ollie began in 2020 with a book, Max & Ollie’s Guide to Baseball, which founder Stephanie Montgomery created to teach kids about our national pastime and share her own love for the game. She has since developed it as a brand for all ages, featuring baseball-themed gifts for kids such as puzzles, blankets and notebooks — which include art from the book, illustrated by the award-winning John Steven Gurney — as well as mugs, apparel and more with classic logos and sayings.

Following up on her initial goal of creating a book that would illicit some joy and happiness via the game of baseball, Montgomery began considering what else she could create that could have the same effect.

Researching through illustrations, quotes and memories that were special to her (“Such as Max, when he was three, seeing a home run and yelling, ‘That’s a homer, dawg!!!!’”) and collecting “an insane amount of samples,” Montgomery says she “started to create collections of only products that I (or my kids) would use or wear, all centered around a game that has given us so many memories and special moments.”

Believing in the importance of trial and error as key to any business, Montgomery shares, “Thus far, I’ve been able to overcome most challenges that I’ve faced by being extremely stubborn, researching like crazy, and refusing to accept defeat or a subpar product.” In fact, for an entrepreneur, “Mental toughness is sometimes more important than skill — as long as you’re willing to learn and ask for help when necessary,” she says.

“Especially if you have children, the startup life can be a challenging one, for sure — late nights post-bedtime routine, early mornings, taking calls with all kinds of noise in the background — but it’s also extremely fulfilling to see your idea and work come alive,” Montgomery shares, “and I wouldn’t change a thing.”

—RaeAnne Marsh

Max & Ollie maxandollie.com

FOR THE LOVE OF THE GAME

“I grew up around the game of baseball, from being the bat girl on my dad’s little league team to going to Mariners games in the Kingdome in Seattle,” shares Max & Ollie founder Stephanie Montgomery. “Almost a decade ago, I met and then married my husband, Mike, who plays professionally, and in 2019 we had our first child. When our son was about four months old, we were watching one of Mike’s games on TV and I went to look for a book or show that taught kids about baseball. When I couldn’t find anything, I set out to create it myself, and Max & Ollie’s Guide to Baseball was born, inspired by my husband; son, Max; and our miniAustralian Shepherd, Ollie. It follows Max and Ollie to the ballpark for a day of fun to learn the rules of the game and why baseball is the best game of all.”

Valleywise Health is building a new 673,000-square-foot, 10-story hospital that will replace the legacy hospital that has served the Valley since 1971. The new site will house the Diane & Bruce Halle Arizona Burn Center and specialties, including cardiology, trauma and emergency, maternity, NICU, oncology, pharmacy, radiology and more. Each of the 233 individual patient rooms will have private bathrooms and sleeper sofa/recliners to support families.

Steve Purves: Expanding Access to Healthcare throughout the Valley

And leading by empowering others by Michael

Murphy

When Steve Purves joined Valleywise Health in 2013 as president and CEO, the organization was in dire financial straits. It was the region’s only public teaching hospital and primary safety net system of care, so it was imperative that Purves got Valleywise Health back in the black. And fast.

Over the ensuing years, Purves orchestrated a $170-million financial turnaround at Valleywise Health and helped secure a $935-million bond referendum to construct much-need replacement facilities, as well as expand Valleywise’s presence around Maricopa County.

To ensure no stone was unturned in the effort to improve, Purves empowered Valleywise Health employees at all levels to identify areas of improvement and opportunities for savings. What became known as the “100 Day Workout” would improve the patient experience within different areas: first impressions, hospital impressions, clinic impressions and lasting impressions. Each team would create at least eight specific plans that could be implemented within 100 days. The impact was dramatic.

“We started by identifying problems and articulating them in terms that everyone could relate to,” Purves shares. “From there, we worked to ensure leaders at all levels were ready for change. We wanted everyone to have an absolute connection to the mission and vision of the organization and one that can be articulated and understood, as well having a solid understanding of the operational and financial implications of the decisions we were making. For a safety net system of care and teaching hospital, it is the difference between maintaining essential community services for those in need, or not.”

Over his four decades as a healthcare executive serving in the investor-owned, public, academic and private not-forprofit settings, Purves learned it’s critical to stay focused on the long view while ensuring the right team is in place to execute. He’s prioritized leadership development because, at the end of the day, in healthcare it’s all about the people.

Working collaboratively with his leadership team, Purves has enabled Valleywise Health to significantly expand its footprint and better reach local residents. In recent years, the organization has opened five new community health clinics across Maricopa County and a Peoria comprehensive health center. Today, the health system encompasses Valleywise Health Medical Center on Roosevelt, the world-renowned Arizona Burn Center, Level I Trauma Center, three behavioral health centers and a network of 11 Federally Qualified Health Centers that serve the entire county.

“These new facilities are not just hospitals or clinics. They represent the healthy future of our state. They’re enabling our team to provide safe, quality care and train new generations of healthcare providers in a healing, patient-centric environment,” Purves said.

In recent years, Purves’ attention has largely centered on development of the health system’s new 673,000 square-foot, 10-story hospital. Constructed largely during the COVID-19 pandemic, building the new tower faced unprecedented challenges but also presented opportunities. The new acute care hospital will replace the legacy facility, which opened in 1971.

Under Purves’ guidance, the team was able to integrate pandemic-era learnings into the design of the hospital as it was being built, including the ability to turn patient rooms into negative pressure spaces in case of another pandemic.

“Making our new medical center a reality was a total team effort,” Purves adds, naming “our board of directors, leadership team, medical staff partners at District Medical Group, volunteers, including our generous donors and our dedicated employees,” and continuing, “The community at large has also been tremendously supportive of Valleywise Health and its role as an essential provider of services for vulnerable populations. My role was to take the wonderful gifts that were already present and create the environment where it could flourish. It’s an art and a science, and, for us at Valleywise Health, reinventing an entire health system, especially one with a safety net role, was a once-in-a-lifetime opportunity.”

Purves’ leadership ability has not gone unnoticed. In January 2023, Purves’ expertise was tapped when he was asked to join the American Hospital Association Board for a three-year term. The AHA advocates on behalf of nearly 5,000 member hospitals, health systems and other healthcare organizations, its clinician partners — including more than 270,000 affiliated physicians, 2 million nurses and other caregivers — and the 43,000 healthcare leaders who belong to its professional membership groups.

Purves has honed his leadership style over the course of his 45-year career.

“I’ve always sought to learn from mistakes, especially early in my career,” Purves says. “The key for me was quickly learning from them before they compromised my effectiveness as a leader. Credibility springs from experience and results.”

Valleywise Health valleywisehealth.org

Valleywise Health is the Valley’s only public teaching health system, offering graduate medical education residencies in internal medicine, general surgery, obstetrics-gynecology, emergency medicine, psychiatry and more. Every year, the exceptional physicians at Valleywise Health train 400 full-time residents through the Creighton University Arizona Health Education Alliance. Additionally, Valleywise hosts approximately 875 medical students, more than 260 rotating medical residents and nearly 2,000 nursing and allied health students.

Emerging Trends in Demand for Phoenix Office Space

According to the U.S. Census, Maricopa County topped the nation in population growth through 2022, and a recent study by QRFY ranked Arizona in the top 10 for most entrepreneurial states based on statistics from the U.S. Bureau of Labor. While some companies are still navigating policies and practices for bringing employees back into the office post-COVID, the combination of population and business growth continues to fuel strong demand for commercial and office space in Phoenix metropolitan area.

GETTING BACK TO BUSINESS

As employees got accustomed to working from home, companies changed policies, allowing remote and flexible work schedules. Larger corporate offices continue to look at ways to entice employees back to the office with hybrid schedules, catered lunches and other perks. Companies find employees want an office that feels more like home and offers amenities such as comfortable gathering spaces, stocked kitchens and coffee bars and open fluid work areas.

Smaller businesses in offices ranging from 1,000 to 10,000 square feet largely brought employees back — if they did not decide to go fully remote in 2021 and exit leases. While work habits and policies changed in the last four years, overall migration to Phoenix and its business-friendly, entrepreneurial environment continues generating strong demand for office space 10,000 square feet and smaller.

NEGOTIATION POWER

The average office space in demand is 2,000–3,000 square feet. With minimal office inventory available under 5,000 square feet,

Phoenix landlords are holding firm on rental rates. New office construction projected in the market in the next one to two years is also limited, leaving businesses underserved and facing shortages.

Existing available space in buildings can require remodeling, and tenant improvement options can be limited. Remodeling is costly and, due to labor shortages, it’s challenging to get work done. An office search can take six to nine months, so research needs to begin at least that far in advance before a desired move. Limited options combined with high demand means that office rental rates can be expected to remain high in Greater Phoenix.

WEIGHING THE OPTIONS

If a business owner is weighing options on a lease renewal, considering searching for new space or remodeling an existing space, options are limited. Redesigning an existing space with more amenities inside and out is costly and needs to be weighed against relocating to another location that needs work. Companies or business owners searching for new space will find plenty of sites that list available space. The challenge is that few web platforms show current inventory. The key is working with an experienced CRE tenant representative who is familiar with the area and has a pulse on properties available. They will also know market rates and can negotiate lease terms, rates, incentives and tenant improvement packages on a client’s behalf. —Andrea Davis, owner and designated broker of Davis Commercial AZ (daviscreaz.com), representing buyers, sellers, tenants and landlords in commercial transactions, and author of two books, SimpLEASEity and Simply Own It! The American Dream

Goodyear Develops Walkable Urban Center

GSQ has reached a construction milestone with the groundbreaking of Goodyear Way, the major street infrastructure connecting Goodyear Civic Square at GSQ to the 150-acre mixed-use development poised to become the city’s new downtown.

A joint venture between RED Development and Scottsdalebased Globe Corp., GSQ is set to transform Goodyear as the city’s premier cultural hub with dining, retail, residential, office, hotel and entertainment offerings. The Goodyear Way extension, situated on the east side of N. 150th Drive, will connect the existing city hall building and two-acre community park to the expansive mixed-use destination and marks a pivotal step in creating the heart of Goodyear.

The walkable urban center stretches from I-10 to Encanto Boulevard and 150th Drive to Bullard Avenue.

The general contractor of GSQ is DCS Contracting, the architect is Nelsen Partners and the civil engineer is Coe & Van Loo Consultants. —Mike Hunter reddevelopment.com • globecor.com

Class A Industrial Completed in Glendale

Construction has been completed in the development of Echo Park 303, a 676,176-square-foot industrial project located near the intersection of Northern Parkway and Reems Road in Glendale, within the thriving Loop 303 corridor. The Class A industrial center is 33% leased.

The project, developed by Echo Real Estate Capital and designed and built by LGE Design Build, is poised to become a prime destination for businesses seeking premier industrial space in the Greater Phoenix area. Its strategic location in a rapidly growing industrial corridor, coupled with its modern design and ample amenities, positions it as an attractive option for tenants in various industries. —Mike Hunter echorecap.com • lgedesignbuild.com

Older office buildings that are becoming obsolete and too costly to renovate are being converted into office condos, residential rentals or self-storage units — depending on the zoning, need, location and building footprint — or torn down to sell the land for other commercial usage such as retail or industrial, according to Davis Commercial AZ owner Andrea Davis.

Live, Work, Shop, Play in Gilbert

Verde at Cooley Station, a mixed-use, walkable center in Gilbert, is finalizing construction and is almost fully leased and ready to enter a consumer-focused phase to fulfill its original vision. “Verde at Cooley Station was built to be a destination and hub for local families and visitors, and we are thrilled to enter a new era of family-friendly fun!” says Norman Brody, a managing partner, who purchased the property with business partner Jerry Slusky in 2019.

Located at 3945 E Williams Field Road in Gilbert, Verde at Cooley Station brings to the Gilbert community an exciting new development for family and friends to work, live, shop and play. Located in one of Gilbert’s most popular areas, the 23-acre project includes restaurants, retail, offices, health and wellness facilities, apartment residences and a park and children’s play area known as, “The Green.” —Mike Hunter verdegilbert.com

PV Parcel Sells Low to Preserve Low Density

In the recent sale of the largest undeveloped parcel of land in Paradise Valley, the sellers accepted a price of $42 million, even though they had received substantially higher offers.

The 27-acre parcel, sold by the family of the late John W. Teets Jr., former chairman of the Greyhound and Dial corporations, had been in the family for nearly three decades. It was important to them that the buyer agreed to low-density development on minimum 1.8-acre lots and has a vision for building out the property that meets the Teets family’s emphasis on preserving the quality and integrity that is emblematic of homes in Paradise Valley. —Mike Hunter joanlevinson.com/listings/0-n-54th-st-paradise-valleyaz-85253

Transition to Sustainable Energy Sources: A Trend in Real Estate Development

The recent surge in renewable energy deployment has seen substantial growth in utility-scale solar, wind and battery storage projects, driving significant capital investments. These utility-scale projects contribute to the overall grid supply alongside traditional generators like gas and coal-fired plants. However, while utility-scale installations have soared, commercial, industrial and residential behind-the-meter deployments have not seen comparable growth. According to the Solar Energy Industries Association, utility-scale solar installations grew by 77% in 2023, while commercial solar saw only a 19% growth, mirroring trends in battery storage systems. Behind-the-meter installations connect directly to the point of consumption, efficiently delivering power and minimizing transmission costs. They come in various configurations, including rooftop or ground-mounted solar panels and batteries installed in buildings such as homes, offices, shopping centers and more. Alongside energy-efficient building practices, behind-the-meter systems significantly reduce carbon footprints and manage energy costs. Moreover, they can enhance grid stability, particularly in regions with high generation and insufficient transmission capacity. While decarbonization and energy transition are key themes that continue to be a major driver of deployment, market behavior will always be driven by practicality and economic viability. The suitability of behind-the-meter systems depends on various factors, including installation costs, usable solar resource, government incentives, electricity consumption profile, cost of electricity from the grid, netmetering policy, useful life, maintenance costs, financing options and management/monitoring of the system. All these factors need to be analyzed and understood to support a wellinformed decision for installation. While this analysis will often support the installation of behind-the-meter systems, it is typically not well-aligned with the core competencies real estate developers, who are typically focused on more prominent aspects of their projects than energy optimization. Evaluation, deployment and management of these systems are better suited with the core competencies of energy

project developers. However, energy project developers are often focused on achieving large-scale deployment, which is more easily done via utility-scale projects.

This creates a gap that can be bridged either by real estate developers acquiring expertise in behind-the-meter systems or energy developers offering competitive package solutions tailored to the real estate market. Both segments are evolving to meet market demands, with some real estate developers, like Cowley Companies, leading the way in optimizing their properties. For instance, Cowley Industrial Park in Phoenix boasts an 850,000-square-foot warehouse with a 2.4-megawatt commercial solar rooftop system installed, leveraging its sunny location for behind-the-meter energy solutions to mitigate high-energy consumption from onsite refrigeration and freezer units.

As the industry matures, customer education will be key to driving adoption. Providing resources to enhance understanding of behindthe-meter systems’ features will be crucial for widespread adoption. —Jay Khatami, VP of acquisitions and investments at Renewa (www.renewa.com), a renewable energy land financing company providing financing solutions to landowners and renewable energy project developers through the acquisition of leasehold interests, land, rental streams and royalty incomes

Alongside energy-efficient building practices, behind-the-meter systems significantly reduce carbon footprints and manage energy costs. Moreover, they can enhance grid stability, particularly in regions with high generation and insufficient transmission capacity.

Photos courtesy of Verde at Cooley Station (left, top), Joan Levinson (left, bottom)

If you have news to share about the semiconductor industry in Arizona, email us at semiinsights@ inbusinessphx.com

IMAPS Device Packaging Conference Celebrates 20 Years of Success

Conference’s success underscores the industry’s robust growth by Shannon

Blood

The International Microelectronics Assembly and Packaging Society’s (IMAPS) recent Device Packaging Conference 2024 recently marked a significant milestone, not only celebrating its 20th anniversary this year with a record-breaking turnout but also upping the ante on Arizona’s booming semiconductor industry. Held in Fountain Hills, Arizona, the event saw a significant increase in attendance, with 762 participants, marking a 16% rise from the previous year and setting a new high in DPC’s 20-year history.

Arizona’s flourishing semiconductor industry played a pivotal role in this achievement, with 220 local participants showcasing the region’s vibrant advanced packaging activities. Notably, more than 50 students, many from Arizona State University, actively engaged in professional development courses, conference sessions, and networking opportunities with industry experts. Furthermore, 115 attendees, entirely new to IMAPS, joined as new members, demonstrating a growing interest and commitment to the industry’s development.

The event’s exhibit hall was completely sold out, with 66 exhibitors. Due to high demand, an additional 25 companies were waitlisted, highlighting the industry’s fervent engagement and interest.

INDUSTRY SNAPSHOT

• Packaging is a $119.3 billion industry.

• Advanced packaging is a $44.3 billion industry.

• Packaging contributes to the semiconductor industry, of which Arizona provides more than 140,000 jobs and will add approximately 114,800 jobs by 2030.

• Semiconductors are ranked second, ranked by export value at $3.5 billion.

• Arizona has a 300% growth opportunity for advanced packaging.

DPC’s success underscores the industry’s robust growth trajectory, prompting plans for next year’s event in a larger venue to accommodate the increasing demand for session rooms, exhibits and accommodations. The CHIPS and Science Act signing in 2022 also contributed significantly to DPC’s growth, with attendance records consistently being shattered. Its 2025 event is scheduled for March 3–6 at the Sheraton Grand at Wild Horse Pass in Phoenix, with ample space for more meetings, exhibits and networking opportunities.

Scott Hayes, the general chair for DPC 2024, expressed his enthusiasm, highlighting the event’s diverse networking and learning opportunities. He praised the organizing committee, sponsors, exhibitors and attendees for making the 20th annual DPC a resounding success.

Amy Lujan, the general chair-elect for DPC 2025, echoed the sentiments, emphasizing the conference’s comprehensive program, which includes professional development courses, keynotes, and plenary sessions covering industry trends and insights.

“The 20th anniversary of Device Packaging was one of the best yet. This year’s conference was packed with content — 12 PDCs, five keynotes, a timely and valuable morning of plenary sessions organized by the GBC, and lots more. This conference has always been one of my favorites because it strikes the perfect balance between small enough for focused content and meetings with old friends, and large enough for meeting new people and catching up on the latest and greatest advances in our industry,” says Lujan.

The conference spotlighted Arizona’s semiconductor industry growth, citing major announcements such as the ME Commons SWAP Hub’s $40-million award and numerous semiconductor expansions in the state. Arizona’s position as a leader in new semiconductor jobs, investment and supplier expansions further accentuated the region’s importance in the global semiconductor landscape.

Another unique element of the conference was the firstever 3D InCites-sponsored “Backyard Olympics” event, which boasted six Olympics-style events, hosting ten teams of four, where participants could mix, mingle and compete.

“Having attended 15 of the total 20 IMAPS Device Packaging Conferences, I’ve watched this event grow and evolve into one of the microelectronics industry’s main annual attractions. 3D InCites members consider it a vital platform for sharing their latest innovations,” says Françoise von Trapp, managing partner and editorial director of 3D InCites. “IMAPS mantra is ‘Learn, Connect, and Collaborate,’ and the DPC reflects it all. It’s been a pleasure and an honor for 3D InCites to be the official industry partner of IMAPS, and we look forward to helping foster many more years of innovative technology in the future.”

IMAPS recognizes that events like DPC play a critical role in the advanced packaging industry and related activities supported by IMAPS are vital for advancing packaging education, fostering networking, and facilitating workforce development to sustain Arizona’s semiconductor industry’s growth in the coming years. IMAPS remains committed to supporting corporate members, academic institutions and students, and industry partners investing in research and development and expanding locally, contributing to the industry’s continued success.

Device Packaging’s 20-year journey mirrors Arizona’s rise as a semiconductor powerhouse, showcasing technological advancements and the collaborative spirit and strategic vision driving the industry forward.

International Microelectronics Assembly and Packaging Society imaps.org

The CHIPS and Science Act signing in 2022 has contributed significantly to the growth of the Device Packaging Conference, with attendance records consistently being shattered.

CHIPS & FABS

Chips of the Future: New Frontier in Advanced Packaging

As the United States strives to regain its status as a global leader in semiconductor manufacturing and research, the spotlight is now on the critical field of advanced packaging. This innovative technology involves encasing silicon chips in a protective layer to enhance their functionality and longevity. It facilitates denser chip configurations in more compact spaces and thus improves performance. This advancement is crucial for a multitude of applications, from everyday smartphones to vital defense systems.

While the U.S. has historically excelled in chip design, it has yet to catch up in the manufacturing and packaging sectors, which Asia has long dominated. One solution is this groundbreaking partnership between Arizona State University and Deca Technologies, marking the creation of North America’s first fan-out, wafer-level packaging research and development center.

This new center will be integrated within ASU’s MacroTechnology Works at the ASU Research Park in Tempe. The facility spans 250,000 square feet, with more than 40,000 square feet dedicated to state-of-the-art clean room space. It plays a crucial role in propelling forward projects under the ASU-led Southwest Advanced Prototyping Hub. Nestled in ASU’s expansive Research and Innovation Engineering College — the largest of its kind in the U.S., with more than 500 faculty members and more than 32,000 students — the center is set to spearhead a revolution in the semiconductor industry. By boosting domestic manufacturing capabilities, it aims to drive progress in critical areas such as artificial intelligence, machine learning, automotive electronics and high-performance computing.

The implications of this initiative extend well beyond the academic sphere, reaching deep into the industrial realm. It represents a strategic response to the growing demand for sophisticated semiconductor technologies, which are essential to modern life and national security. This partnership between ASU and Deca Technologies is poised to offer unprecedented access to advanced technology and expertise, setting new standards in semiconductor manufacturing. —Stephanie Quinn

Arizona State University asu.edu Deca Technologies decatechnologies.com

Enhancing Collaboration through Cultural Training

Phoenix has long been a hub for semiconductor manufacturing, a legacy that dates back to 1949, but throughout the years the costs of maintaining cutting-edge facilities soared and some companies opted for a “fab-lite” approach. This strategy involved continuing some local production while outsourcing more advanced manufacturing to Asian fabs like Taiwan Semiconductor Manufacturing Company.

Despite such shifts, Arizona remained a significant player in the semiconductor scene, home to both industry giants like Intel and smaller specialists like Microchip Technology and ON Semiconductor. Yet, much of the sector’s most advanced production and excitement had shifted to Asia, particularly Taiwan.

In a testament to its resilience and adaptability, the semiconductor industry in Phoenix has experienced a significant resurgence in recent years. Since January 2020, 35 semiconductorrelated companies have announced plans to expand or relocate to Arizona, drawn by the region’s vast and growing ecosystem of suppliers and skilled workforce. This influx includes not only major chip makers and equipment manufacturers but also numerous smaller companies integral to the supply chain — ranging from chemical producers to packaging and transportation firms, including many of TSMC’s suppliers from Taiwan. This growth has led to a boom in job opportunities and economic development in the region, as well as a boost in cultural diversity.

As the industry expands, the need for integrating a culturally diverse workforce has emerged as a critical challenge. Kiterocket, a Phoenix-based PR and marketing agency, stepped in to address the cultural nuances that are now shaping Arizona’s semiconductor industry by developing cultural training workshops. Led by a Taiwanese native with more than 15 years of experience in both the U.S. and Taiwanese markets, these workshops are designed to help participants understand and navigate the cultural differences affecting joint ventures and collaborations.

The need for such training became particularly apparent following some early challenges between some of the relocating Taiwanese companies and the local workforce in Phoenix, which highlighted differences in work expectations. For instance, longer work hours are common in Taiwanese operations, which clashed

with the standard American 40-hour workweek. This led to the local construction firms involved in building new facilities often facing timeline clashes due to these differing work norms.

Moreover, communication styles between Asian and American cultures differ significantly. For instance, Asian workplace culture often emphasizes hierarchy, authority and seniority, leading to decision-making processes that can be quite different from the more inclusive and collaborative approaches typically seen in U.S. companies. This difference can sometimes result in misunderstandings, particularly when direct American communication styles encounter the more polite, indirect methods preferred in Asia.

Feedback from Kiterocket’s recent workshops has been positive. For instance, after a workshop with the Southwest team from Swagelok, a global leader in industrial fluid system manufacturing, participants noted a significant improvement in their understanding of Taiwanese business practices, stating, “Our team left the training with a greater appreciation of Taiwanese culture and ways of doing business. This event helped us recognize roadblocks and obstacles that we have encountered. We now feel better prepared for our future collaborations. This training will help both Taiwanese and North American companies gain a better understanding of each other.”

As Phoenix’s semiconductor industry continues to evolve, ongoing investment and the fostering of a deeper cultural understanding are not just important, they are essential to ensuring successful collaborations in this high-stakes field. This blend of technological innovation and cultural integration is not just a strategy, it’s a necessity for Phoenix’s continued role as a dynamic and resilient semiconductor hub. —Stephanie Quinn

Cultural training workshops — developed by Kiterocket, a Phoenix-based PR and marketing agency, and led by a Taiwanese native with more than 15 years of experience in both the U.S. and Taiwanese markets — are designed to help participants understand and navigate the cultural differences affecting joint ventures and collaborations in Arizona’s semiconductor industry.

NAU Programs Address Critical Nursing Shortage

Arizona is projected to have the nation’s largest shortage of nurses by 2025. Healthcare systems of all sizes and varieties have been impacted by the ongoing shortage. And previous short-term solutions, like travel nurses, aren’t enough.

For years, Northern Arizona University has been working to grow nursing programs and staff this critical area, especially among underserved areas and populations, through both undergraduate and graduate programs.

How is this happening?

• NAU’s American Indian Nursing Program provides scholarships and housing/transportation assistance to Indigenous students who receive culturally relevant training and clinical rotations on reservations. It’s the first — and only — reservationbased pathway to an entry-level nursing degree.

• The university invested in new nursing simulation labs in both Phoenix and Flagstaff campuses that include advanced “manikins.” Sim labs ensure that students graduate with hands-on experience needed for real life situations. (Evidence has shown that simulations are better learning experiences than real life.)

• NAU is using a $7 million grant to add 200 new seats to nursing programs. The first cohort of this initiative will graduate this May. Additionally, more than 100 students received full scholarships to pursue an accelerated track, joining the Arizona workforce in under 18 months.

• Stipends to cover travel costs are being given to students who travel to clinic and precept opportunities in rural Arizona, thanks to a $1 million grant. These students are gaining valuable experience and boosting availability of care in highneeds areas.

• NAU has launched a Psychiatric Mental Health Nurse Practitioner program to help meet growing behavioral health needs. This is a postgraduate certificate that prepares practicing nurses to deliver much-needed mental health care.

Two new nursing programs are being added this summer to the options available at NAU’s Phoenix campus: BS in Nursing – Compressed and BS in Nursing – Accelerated.

NAU’s programs have been so successful (the University boasts some of the highest pass rates for nursing licensure exams), that applications to nursing programs are growing, while most other colleges around the country have seen declines.

—Mike Hunter nau.edu

Transforming Mental Health in the Workplace: The Crucial Role of Company Culture

Business leaders are keenly aware of the link between mental health and workplace performance. As a result, companies nationwide are working to improve employee mental health. Strategies encompass wellness programs, mental health days and benefits packages that include access to virtual therapy and psychiatry.

But is it enough?

To make a true and lasting impact on employee well-being, leaders must start by taking a hard and honest look at company culture.

A wealth of research underscores the profound effects of the work environment on employee mental health. A study by the American Psychological Association found employees in supportive work environments report lower levels of work-related stress and higher job satisfaction. On the flip side, toxic workplace cultures — characterized by high stress, low support and poor communication — contribute to a range of mental health issues, including anxiety, depression and burnout. The American Institute of Stress reports job stress costs the U.S. economy more than $300 billion annually. At the micro level, employees lose an average of five hours of office work each week due to stress.

Business leaders wield considerable influence in shaping workplace culture. The time is now to transform the work environment and improve employee mental health — all while boosting job performance.

As a model for addressing this issue, Denova Collaborative Health offers six strategies for leaders to build a positive company culture:

1. Emphasize Effective Communication: Leaders should foster clear and open communication to build trust, encourage collaboration and create a sense of belonging among staff. They should be accessible, approachable and practice active listening, showing genuine interest in their team members’ thoughts and questions. They should prioritize regular check-ins and include staff in organizational goal setting.

2. Empower Staff: Leaders in healthy workplaces involve employees in decision-making and encourage idea-sharing. They provide necessary resources for professional and personal growth. They recognize each employee’s unique strengths, providing opportunities for them to

The American Institute of Stress reports job stress costs the U.S. economy more than $300 billion annually. At the micro level, employees lose an average of five hours of office work each week due to stress.

shine, and trust their staff to deliver without micromanaging the process.

3. Prioritize Work-Life Balance: Ensuring a healthy work-life balance is crucial for employee well-being and performance. Leaders committed to building a positive environment support this balance by setting realistic schedules, offering flexible work arrangements and respecting personal time and boundaries.

4. Destigmatize Mental Health Issues: Business leaders can improve the company culture by encouraging open discussion about mental health, breaking down stigmas and encouraging employees to seek help when needed.

5. Educate Employees: It’s not enough to include mental health benefits in the company health plan; leaders must also educate employees about their mental health benefits, encourage them to use the services and remove the barriers to care.

6. Make It Fun: Humor and lightheartedness reduce stress and create an enjoyable work environment. Team outings, from small group lunches to company-wide picnics, build friendships, improve morale and break down barriers. At Denova, building “fun” into the workplace is especially helpful for employees who are largely remote, ensuring they all feel part of the team.

Leaders who are truly committed to providing a positive work environment can make a real difference in their employees’ mental health and, by extension, the success of their organizations. —George Orras, Ph.D., LCSW, MBA, chief clinical officer of Denova Collaborative Health (www.denova.com)

IS WHAT GIVES US PURPOSE HONOR

Honor is what motivates our team of dedicated healthcare professionals. Through passion and purpose, we come together to ensure every patient is provided with the best possible care. honorhealth.com

Business Leaders Value ChatGPT Experience in Up-and-Coming Workforce

Investigating the importance of ChatGPT experience for young professionals, a recent survey from Intelligent.com, a platform dedicated to helping young professionals navigate the future of work, found half (49%) of business leaders believe ChatGPT experience is more valuable than a college degree. The other half is split between 36% of the survey respondents who disagree with this perspective and 12% who remain uncertain.

However, the survey found that, when considering candidates for entry-level positions where ChatGPT could be utilized, 80% of business leaders deem having experience with ChatGPT as “very valuable” or “valuable.”

“Over the past 18 months, ChatGPT and other generative AI tools and applications have dominated headlines and sparked endless debates about the future of AI in the workplace,” says Intelligent.com’s chief education and career development advisor Huy Nguyen. “The blazing pace of innovation and technological progress is reshaping what employers value in job candidates today.”

The survey results also indicate that experience with ChatGPT elevates the résumés of recent college graduates. Eighty-three percent of business leaders say that ChatGPT experience provides résumés with a significant or moderate boost. Likewise, 88% of business leaders concur that taking ChatGPT-related courses “greatly” or “somewhat” benefits a candidate’s hireability. Furthermore, 84% of business leaders emphasize the importance of workers engaging in self-learning of ChatGPT.

Among business leaders at companies currently hiring for entry-level roles, 7% state that their company mandates ChatGPT experience for all positions, while 24% require it for many positions, 19% for some positions and 13% for a few positions. The primary reasons cited for this requirement include enhancing worker productivity, increasing worker knowledge and fostering creativity.

Finally, the report found 79% of business leaders say it will be more important in 2025 than it is today for entry-level candidates to have ChatGPT experience. —Mike Hunter

intelligent.com/half-of-business-leaders-say-chatgptexperience-is-more-valuable-than-a-college-degree

Today’s Mini Golf: How Puttshack Is Embracing Technology

Miniature golf, once a simple pastime, has evolved into a sophisticated industry that leverages technology to enhance the player experience. From interactive courses to advanced scoring systems, technology has become an integral part of modern mini golf. This article will explore how Puttshack embraced technology to innovate and elevate the game. Puttshack’s technology not only elevates the game of miniature golf but sets the brand apart from other establishments within the industry.

COURSE DESIGN AND CONSTRUCTION

Gone are the days of basic windmills and static obstacles. Today’s mini golf courses boast intricate designs and interactive elements, all made possible by technology. Computer-aided design software allows architects and designers to create complex layouts with precision and accuracy. This software enables them to visualize the course in 3D, adjusting and improving before construction even begins.

Moreover, advancements in construction materials have revolutionized the durability and aesthetics of mini golf courses. Synthetic turfs and specialized coatings provide a more consistent playing surface, while fiberglass and polyurethane molds allow for the creation of detailed and lifelike obstacles.

CLOUD-BASED TECHNOLOGY

Cloud-based technology is the on-demand availability of computing resources, as services over the internet. This type of technology eliminates the need for physical resources by storing information in the cloud, allowing for scalability, remote management and efficient data storage and retrieval. Because of this, tech-enhanced mini golf facilities, such as Puttshack, can store players’ gameplay data from previous games.

TRACKABALL TECHNOLOGY

Puttshack utilizes its patented Trackaball Technology, which eliminates the need of players to manually keep score of their game. Trackaball Technology is utilized to track players’ progress through the course and provide real-time personalized feedback, displayed on overhead screens located at every hole.

At the start of every game, each Puttshack guest receives a golf ball that is synced to their unique player profile. This allows players to track every stroke, hole completed, hazard,

overall leaderboard, and bonus points earned for completing specific targets or challenges.

ENHANCED GAMEPLAY EXPERIENCE

Technology has elevated the gameplay experience for mini golf enthusiasts. Interactive features such as bonus point opportunities and sound effects add an extra layer of excitement to each hole. Players might encounter moving obstacles, flashing lights, or even interactive challenges that allow them to enhance their overall score. The integration of Trackaball Technology enables every ball movement and stroke from the tee to the hole to be accurately recorded.

THE FUTURE OF MINI GOLF

Finally, technology has enabled mini golf operators to gather valuable data on player behavior and preferences. Using analytics tools, they can track metrics such as average score, time spent on each hole and peak hours of operation. This data allows them to optimize course layouts and tailor the overall experience to meet the needs of their target audience.

Technology has undoubtedly reshaped the mini golf industry, transforming it from a simple recreational activity into a high-tech entertainment destination. From innovative course designs to immersive gameplay experiences, the influence of technology is evident at every turn. As the industry continues to evolve, one thing is certain: The future of mini golf looks brighter than ever before. —Ben Shepherd, chief information and technology officer at Puttshack (puttshack.com), a leading concept in the emerging and growing market of competitive socializing that, since opening its first location in 2018, has expanded to 14 locations in the U.S. and four in the UK

Among business leaders at companies currently hiring for entry-level roles, 7% state that their company mandates ChatGPT experience for all positions, while 24% require it for many positions, 19% for some positions and 13% for a few positions, according to a recent survey from Intelligent.com.

Real Deal

On the ground with commercial real estate

by RaeAnne Marsh

Quashing the Myth of ‘Secondary’ for CRE’s Industrial Sector

from Andy Markham of Cushman & Wakefield

One of the “myths” out there is the notion that the Phoenix Metro is still a secondary industrial market in the U.S. as opposed to a primary market. For several consecutive years — and particularly since the onset of the COVID-19 pandemic that abruptly accelerated the need for industrial space — the Phoenix market enjoyed a sustained period of profound occupancy and rental growth, driven by exponential demand from a robust pool of occupiers. Although perhaps not considered a true “gateway market,” Phoenix certainly now competes with some of the country’s most dominant markets, such as the Southern California Inland Empire, and is now definitely on the front page of surveys for our national clients seeking a solid distribution location option.

Although there has been some recent adjusting in the industrial sector, the market has now reported a phenomenal 48 consecutive quarters of positive net absorption through Q1-2024 amounting to nearly 130 million square feet of occupancy growth. Complete annual totals include 12,348,043 square feet in 2023; 21,726,765 square feet in 2022; 22,824,154 square feet in 2021; 14,783,343 square feet in 2020; and 4,904,147 square feet in 2019. How is this playing out around the Valley?

• Deer Valley remains one of the most in-demand submarkets in Metro Phoenix. Investors and occupiers remain very attracted to this submarket given its access to key logistical freeways and abundance of labor, and increasingly paramount is the recent development plus future planned expansion from Taiwan Semiconductor Manufacturing Company Limited in the area. Investors as well as relevant occupiers continue to look to capitalize on the prolific growth the surrounding area has experienced overall driven by TSMC.

• Light industrial and high-bay properties have remained in high demand by small to mid-size occupiers given their flexibility to accommodate a variety of industries. This has, in turn, also captured greater investor interest for these types of assets in the Phoenix market.

• And as one of the most robust and strongest performing industrial areas in Metro Phoenix, the Sky Harbor submarket is well-known and desired due to its proximity to several key freeways and logistical routes. This submarket also has a limited amount of land left for new Class A industrial development.

• Phoenix’s West Valley housed a handful of major new industrial leases in the first quarter of 2024, including a trio of significant leases from a major ecommerce company (±3.5 million square feet), SOLogistics (±519,000 square feet) and USPS (±450,000 square feet).

NOTABLE FOR THE COMING YEAR

Leasing activity increased to 7.7 million square feet in the first quarter of 2024, improving on just 4.7 million square feet and 5.3 million square feet in the third and fourth quarters of 2023, respectively. Although four high-profile leases accounted for nearly 4.0 million square feet of leasing activity in the first quarter, the market is primed to improve upon a lower 2023 year-end total of 20.8 million square feet. Tenant demand remained strong in the warehouse/distribution sector, accounting for 85% (6.5 million square feet) of new leasing in the first quarter.

The Southwest Valley submarket posted the highest amount of new leasing activity, representing 65.9% (5.1 million square feet) of total new leasing due to the proximity to the ports of Los Angeles and Long Beach and the large population base in Southern California.

Of note, the substantial amount of leasing signed in the first quarter will not factor into our net absorption stats until occupancy, meaning there is already significant baked-in-growth that will be anticipated ahead once these companies move into these spaces.

Additionally, Cushman & Wakefield is currently tracking more than 28.8 million square feet of active Industrial Tenant Requirements or Tenants in the Market. This is a very solid level helping to feed potential future absorption in the Greater Phoenix Metro industrial sector even at a time when there is an expected slowdown of industrial activity across the broader U.S. looking ahead. We fully anticipate Phoenix to remain as one of the “winners” in the industrial marketplace and we don’t expect it will experience any real deep swings in the long-term even through any headwinds that may arise; rather, the region should remain steadfast and resilient through the foreseeable future. We will look for the Phoenix Metro industrial market to maintain between 15 and 20 million square feet of occupancy growth per year ahead — which, although not the skyrocketing levels seen in recent years, is still an impressive level historically.

Industrial construction starts will be limited in 2024 as the market works through the surplus of new supply and projected deliveries that will be introduced with limited preleasing. New projects are set to pause, potentially being pushed back to late 2024 or 2025.

As tenant demand for warehouse space continues to normalize and speculative development slows down, the Phoenix metro industrial market will remain one of the most resilient real estate sectors nationally, with activity remaining strong in general manufacturing and warehouse industries. Although net absorption dropped QOQ, it is difficult to pinpoint the state of the market based on first quarter absorption alone, especially with a quarterly leasing activity rebound.

The Cushman & Wakefield market recap shows 12 major operators have 17 total projects in the works in metro Phoenix for a total build area of slightly more than 16.3 million square feet. Six of the developments are listed as “under construction” (2.8 million square feet), with the remaining 11 shown as “in planning” (13.4 million square feet).

It should be mentioned that we continue to encourage some of our industrial clients to move forward with construction plans

Paloma Vista Industrial Building West Valley, courtesy Cushman & Wakefield

given that the number of competitive projects under construction is slowing.

Phoenix remains one of the fastest-growing markets the U.S. (some sources even say the fastest, depending on the period). The Phoenix-MesaScottsdale MSA has continued to see solid population growth, averaging 1.2% annual growth over the past five years (2019–2023). According to Moody’s Analytics, the population in this region is anticipated to grow at an even higher pace of 1.5% or above each of the next five years (2024–2028). This population increase should continue to help fuel the region’s commercial and overall economic growth.

AND WATCH OUT FOR …

I don’t know if I would categorize it as a worry per se, but Phoenix’s East Valley has nearly as much new industrial supply delivering as we are tracking in the West Valley. However, the size of the occupiers in the East Valley area tends to be smaller, which may cause some uneasiness from a supply/demand balance standpoint. That said, the East Valley is still growing at a strong clip, being driven by companies like LG, Intel, solar farms and an array of other companies and industries.

Another trend that we continue to monitor and that may impact the market is interest rates. If interest rates don’t descend as fast as predicted, this could cause some stress in the Capital Markets sector.

Despite growing solar developments in surrounding areas, power — as with many markets — is becoming more constricted as competition grows for larger data center deals in the Phoenix area. Per C&W’s Data Center report, water usage has also become a critical issue for the market, as high ambient temperatures and demand for more intensive AI/HPC workloads have generally increased the requirements for more intensive water-cooling technologies. State and local governments have begun to ask data center operators to limit their water usage and have incentivized the deployment of air-cooling technologies. The confluence of these factors will likely lead to fewer high rack-density deployments in the Phoenix market as compared to others, though this will likely do little to dampen the overall positive momentum of the market, the report finds.

Andy Markham, SIOR, is executive vice chair at Cushman & Wakefield, a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management; leasing; capital markets; valuation; and other services.

Significant Shifts Ahead in CRE’s Multifamily Sector

from John Carlson of Mark-Taylor Companies

The current state of commercial real estate presents a mixed outlook — characterized by cautious investor sentiment and economic adjustments, as evidenced by the notable decline in transaction activity within the multifamily sector.

According to CBRE Economic Advisors, “The biggest wave of new apartment supply in decades will temper rent growth and improve affordability for renters in 2024. With delivery of 440,000 new units expected in 2024 and more than 900,000 currently under construction, the overall vacancy rate is expected to rise and rent growth to decelerate,” highlighting significant shifts in the multifamily sector.

Despite these challenges, multifamily real estate is playing a more important role in alleviating a severe shortage of single-family homes. CBRE also noted that “the premium for an average monthly mortgage payment of a newly purchased home vs. average monthly rent is expected to remain above 35% in 2024 versus 52% in 2023.” This reaffirms the essential role and viability of multifamily communities among evolving market dynamics.

NOTABLE FOR THE COMING YEAR

Amidst the transactional freeze being experienced in the multifamily market, positive influences are evident through broader macroeconomic data and consumer sentiment trends. All of this underscores the potential for continued supply-side pressures to be met with strong absorption and potentially less negative rent growth than first anticipated.

Looking specifically at the Phoenix Metro area, Mark-Taylor forecasts an upcoming peak in excess inventory — which is expected to reach its highest point in the summer of 2024. Expanding nationally, out of the 69 markets tracked by CBRE, 17 are slated to grow their inventories by more than 7% in 2024 and 2025.

As operational headwinds continue, it is imperative for property managers to prioritize the delivery of 5-star service to attract and retain residents who are contemplating their housing options. Demand for value remains elevated.

CONTINUED ON PAGE 38

Brix Warehouse District, photo by

W. Scott Mitchel, courtesy Mark-Taylor

BUT WATCH OUT FOR …

The multifamily sector is facing several significant challenges that are cause for concern among property owners and operators.

• Anti-housing/landlord legislation: A surge in legislation aims to regulate the multifamily industry to include debilitating proposals such as rent control, housing fees and screening measures. As of April 2024, hundreds of state bills, related to multifamily and rental housing, are being considered nationwide.

• According to the National Apartment Association’s State Legislative Tracker, there are 213 active bills related to rent control across the country. Such bills could directly impact operations and require property managers to adjust their standards.

• Rising insurance rates: Insurance costs for multifamily property owners have been on the rise since 2020 and increased significantly last year. This poses a challenging situation for all involved, especially landlords. An NMHC study conducted in June 2023 found that respondents reported their property insurance costs had risen by an average of 26% over the past year, with some experiencing increases as high as 120% year over year. In response to inflated premiums, many property owners have been forced to raise deductibles, accept new policy limitations or face reductions in coverage amounts.

• Historic increase in supply: Rent growth in 2024 is expected to trend negatively while vacancy loss is set to increase; this is the result of a continued high rate of new

supply scheduled to enter the market. Per Census Bureau data, multifamily completions nationally rose by 22.1% in 2023 to 438,500 units, marking the highest number of annual deliveries since 1987. The multifamily construction pipeline remains robust with just under 1 million units under construction — most of which are expected to be completed in 2024 and 2025.

• Elevated expenses compared to consumer price index: In addition to recent rent softening, multifamily properties’ net operating income continues to decline due to ongoing expense pressures since the pandemic began in 2020. According to Freddie Mac, during the third quarter of 2023, national expenses grew by 7.2% — more than double the rate of inflation. Taxes and payroll expenses increased the most, with taxes rising by 10.5% and payroll expenses by 8.4% over the past year.

Stakeholders must navigate each of these challenges strategically to adapt to evolving market conditions and regulatory environments, while optimizing property operations and financial outcomes.

John Carlson is president of Mark-Taylor Companies, a privately held, Arizona-based developer, owner and investment manager of multifamily communities in Arizona and Nevada. Since its establishment in 1985, Mark-Taylor has grown to become the region’s longest-standing investment manager, developer and owner of Class-A multifamily real estate on behalf of numerous third-party owners.

Canopy at Sundance, photo by Cole Horchler, courtesy Mark-Taylor

Resiliency and Challenges in CRE’s Retail Sector

from Todd Folger of CBRE

Retail continues to be a bright spot in today’s economy, showing resiliency since COVID with consistent expansion and absorption of space. The main challenge in the current market is supply, as vacancy rates are at their lowest in over two decades (sub 5%), causing rents to rise across most submarkets. While new supply in the west, northwest and southeast submarkets has alleviated some supply constraints, other dense areas with low inventory and difficulties in redeveloping underutilized properties still face challenges.

In some of the denser parts of the market that are still highly desirable, one of the main constraints is the ability to redevelop due to higher land costs; there are properties that could and should be redeveloped, such as older office buildings and aging strip centers, to name a couple. Given the underlying land values, developers need to increase density by going vertical or finding another way to add density. However, doing so makes the development more complex and more costly.

Given some of the challenges we are seeing in the office and multifamily sector for new development, it makes these redevelopments all the riskier. As market fundamentals start to normalize and inflation and interest rates start to adjust, it will become easier for these projects to come to market.

NOTABLE FOR THE COMING YEAR

While grocery-anchored centers lead the charge postpandemic, there is a shift toward community and power centers, a trend not seen in almost two decades. The change is, simply, being driven by demand. As the larger format retailers still need to grow and add stores, we will continue to see more of this type of development — so long as it is driven by sound fundamentals in the housing market.

At least four Target-anchored developments are underway across the Valley, adding significant square footage to the market. The last Target store built was the smaller format store at 16th Street and Camelback Road. This was previously a Sports Authority that was approximately 50,000 square feet in a center that was originally a grocery-anchored center. The new developments they are looking at are slated to be closer

to 150,000-square-foot stores with more than 250,000,000 square feet and up of additional retail.

AND WATCH OUT FOR …

Phoenix has seen 13 consecutive quarters of positive net absorption since the pandemic, and this trend is expected to continue despite new supply.

What we saw post-pandemic was a resurgence in the consumer shopping in person. They had been relegated to their homes and social distancing for so long that, as the pandemic subsided, the consumer was anxious to get back to in-person shopping.

Retailers did and still must adapt by making shopping experiences more personal and interactive, so they are engaging the consumer and making them want to come back. While online shopping will continue to increase, the in-person shopping experience will continue to thrive — and those retailers and restaurateurs that do the best job of engaging the consumer will see the best results.

Challenges still exist in the market, such as increasing land values and construction prices, although those costs are showing signs of leveling off and returning to more normal costs. In the food and beverage sector, food and labor cost concerns continue to persist as operators try to find a careful balance between raising prices while maintaining affordable yet meaningful dining experiences.

Overall, optimism remains high in Arizona’s retail sector, and it is expected to thrive as consumers continue to shop and dine despite inflation driving up prices.

Todd Folger is first vice president at CBRE in Phoenix. Dallas-based CBRE Group, Inc. is the world’s largest commercial real estate services and investment firm (based on 2023 revenue) and serves a diverse range of clients in more than 100 countries with an integrated suite of services that includes facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

Target development, courtesy Simon CRE

Modern Office Space Bolsters Phoenix CRE Market

from Trevor Pratt of JLL

Metro Phoenix office vacancy rates continue to rise, now sitting at almost 26% according to the latest JLL data, but there is a silver lining to the lingering clouds. Modern office space, for example, is thriving as companies continue to reimagine their workspaces and better define their size needs.

Whether an organization chooses to return to the office, embrace a hybrid work model or transition a portion of its operations to fully remote, clarity and strategy are emerging. For those who maintain an office presence, one thing is certain: Employees want amenities.

NOTABLE FOR THE COMING YEAR

As a broker focusing on tenant representation, I’m seeing this flight-to-quality play out particularly among spec suites. Company after company are finding the ease and convenience of this kind of move-in-ready, design-forward, highly flexible space something that’s hard to pass up. Landlords have picked up on this shift and are transitioning their vacant square footage into spec suites at an unprecedented rate.

As demand for all types of Class A space continues, rental rates for the Class A product type are also pushing upward.

The current direct asking rent for metro Phoenix office space is $29.87 per square foot. This compares to rents at an average of $33.98 per square foot for Class A space, and rental rates for best-of-the-best Valley office space leasing into the mid-$50s

per square foot. Overall office rent growth in metro Phoenix has increased 1.1% year-to-date, offset somewhat by attractive concession packages that are often being offered to offset higher financing costs.

AND WATCH OUT FOR …

The persistence of vacant office sublease space and older office inventory scattered throughout the Valley remain points of concern, with the potential to continue to negatively impact vacancy and absorption rates. According to JLL’s Q1 2024 Phoenix Office Report, almost 60% of local office vacancy is concentrated in 10% of the market’s buildings (many of these older). Vacant sublease space also remains substantial, though new sublease additions have started to subside from their peak in 2023, even recording some positive absorption earlier this year. What remains to be seen is how much negative absorption is ahead as pre-pandemic leases expire in the coming months and years.

The hope — and expectation — is that the metro Phoenix office market continues to find balance. Tenant requirements are on the rise, particularly in the Camelback Corridor and downtown Tempe submarkets for buildings with on-site or close access to amenities. There is no specific industry or company type dominating demand, but rather a steady desire among those looking to upgrade their space to attract employees back to the office.

Much like the rest of the nation, which is experiencing significantly reduced levels of new development, new construction in metro Phoenix remains metered, with just 322,610 square feet of space under construction during Q1 2023. If demand persists for Class A space and new construction levels remain low, it should help drive activity to Class B product. That would bring us closer to pre-pandemic conditions and further Phoenix’s position as a cost-effective, inventory-rich market of opportunity for companies looking to relocate and expand in the West.

Trevor Pratt is managing director at JLL. JLL is a leading global commercial real estate and investment management company that, for more than 200 years, has helped clients in more than 80 countries buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.

Bond, at 32nd Street and Camelback Road, courtesy JLL

The Grove, courtesy JLL

Partnerships Driving Growth of CRE for Healthcare & Biosciences

from Sharon Harper of Plaza Companies

The current state of commercial real estate in Arizona is strong, particularly around healthcare and bioscience. The healthcare sector is the second-highest growth sector in Greater Phoenix, according to the Greater Phoenix Economic Council. Arizona has long been a healthcare destination because of its quality of life, leading healthcare providers and world-famous centers of excellence. An innovative healthcare and biomedical industry is a legacy for Phoenix and has been forged by organizations such as Barrow Neurological Institute, the AZBio Association, our major hospital groups and innovation districts such as the Phoenix Medical Quarter, the Discovery Oasis, Phoenix Bioscience Core, Scottsdale Cure Corridor and other R&D areas. This has been bolstered by educational institutions such as Creighton University, the University of Arizona, Arizona State University, Grand Canyon University, Midwestern University and others.

Plaza Companies is a highly regarded full-service firm with roots in the healthcare and bioscience industries and has seen first-hand how public-private and public-private-university partnerships can drive economic growth. Along with healthcare and bioscience, we’re seeing success in mixed-use projects throughout the Valley that are reimagining old uses and revitalizing key areas of the community, such as what we have seen at our SkySong and Park Central projects. Other projects are poised to have a similar impact on the Valley. And we’re seeing a great deal of excitement around the technology industry, particularly around the semiconductor industry and in the investment being made in the Valley. This investment is creating high-paying jobs that are expanding our overall economy and encouraging new development in the office, retail and residential sectors.

NOTABLE FOR THE COMING YEAR

We’re seeing a great deal of forward thinking and planning around key sectors and industries that will fuel growth in the commercial

real estate sector. Our leadership is working on execution of a number of new initiatives as a result. As mentioned, the healthcare and biosciences sectors are leading the way along with the renewed investment in the technology sector. This is creating a ripple effect that is fueling growth across the board in many parts of the community and in many sectors of commercial real estate. We’re seeing significant growth in downtown, north Phoenix, Scottsdale, the West Valley, the East Valley — just about everywhere in the market is seeing some increase in investment and development, particularly in the medical and bioscience sectors.

AND WATCH OUT FOR …

We don’t really see a cause for “worry” as much as a need for a heightened focus and forward thinking. There are many opportunities ahead for Arizona and it is important for our communities to be prepared to make the most of the growth that is occurring in our state. The focus at Plaza Companies is on continuing to support market growth in healthcare, bioscience, mixed-use development, office, retail and hospitality and multifamily housing, and we’re seeing that across sectors throughout the Arizona market.

As CEO, chairman and co-founder of Plaza Companies, Sharon Harper oversees all facets of company operations, including ownership, development, leasing or management of nearly 13 million square feet of Arizona projects, medical healthcare companies, senior living communities and bioscience centers.

CBRE cbre.com

Cushman & Wakefield cushmanwakefield.com

JLL jll.com

Mark-Taylor Companies mark-taylor.com Plaza Companies theplazaco.com

SkySong, courtesy Plaza Companies

Julie Fletcher, MBA, is a vice president and business banker team lead at Enterprise Bank & Trust. She has spent more than 28 years as a business leader and entrepreneur, working with both domestic and international clients assisting with the startup and development of their businesses. Fletcher has served on the board of the Arizona Council for International Visitors, The Fabric Foundation and ASBA’s Public Policy Committee. enterprisebank.com

10 Ways to Strengthen Your Next Loan Application

Demystifying decision-making — and 10 ‘red flags’ to avoid by

Julie Fletcher

What business owner hasn’t dreamed about what could be done for the business with more capital. Buy new equipment? Hire more staff? Expand into a new market? When it’s time to explore putting dreams into motion, seeking financing is often the next step.

Banks typically have well-documented criteria business owners must meet to qualify for a business loan. But what they may not realize is that there are additional, more subjective measures that many banks use when evaluating a request.

With a better understanding and preparation, business owners can address the full range of qualifications to maximize their chances of getting that coveted “yes” on their business loan application.

UNDERSTANDING HOW BANKS ASSESS BUSINESSES

To begin, let’s take a moment to consider the difference between how entrepreneurs and bankers view a business. Entrepreneurs are, by nature, visionaries and risk takers, seeing the possibilities, eager to grow and constantly seeking out partners who share and support their dream. Bankers, however, are risk averse — seeking to minimize potential for losses by identifying threats that may hamper the ability to repay a loan. Banks must always consider the worst-case scenarios. Remember, the business owners share most of the upside advantages of getting a loan, while the bank shoulders a large portion of the downside risk.

Along with being risk averse, banks are also highly regulated, which can set the stage for disconnect when business owners bring innovative new ideas to the table.

Understanding these differences helps business owners to be better prepared when submitting a loan application and minimize miscommunications in the lending process.

ASKING QUESTIONS AND PREPARING ANSWERS

With an understanding of the bank’s approach in mind, business owners should conduct their own due diligence and ask their bank:

• What is the bank’s experience with my industry?

• What is the bank’s overall outlook toward risk?

• How are loan decisions made and what is the process?

• Will I get to know all the decision-makers?

• What is the bank’s upper limit of credit?

• How does my loan amount compare with the bank’s average credit request?

• What will happen if I face a business setback?

Next, business owners should be prepared to discuss in detail the following questions the bank will have for them:

• What is the big picture of your company? (Your industry designation, competitive landscape, value proposition, and the general reputation of your company).

• How are financial decisions made within your company?

• Who is involved (CEO, COO, CFO, controller; an advisory or legal board; or active shareholders)?

• Do you have partners who advise you, such as a CPA, attorney, or board of directors?

• How is your financial information managed? Do you prepare annual budgets, monthly/quarterly statements and annual tax returns? Does a CPA prepare your financial statements?

• How is the ownership of your business structured? Is your business an LLC, Corporation, and are there related companies or subsidiaries?

• What does your internal financial management system include? (Systems could include sales pipeline and backlog reports, production and administrative expenses, accounts receivable and inventory management, and cash management systems.)

THE PERSONAL SIDE OF BUSINESS LOANS

The way business owners manage personal finances can be a window into how they’ll handle their business affairs, so they should not be surprised when a banker views personal finances while they are seeking funding for a business idea. Business owners should be ready for these questions:

• Do you pay your bills on time?

• Do you forecast your expenses?

• Do you have reserves and liquidity?

Applicants may also be asked to describe some subjective things about themselves: the character and reputation they’ve created through things like how their bills are paid, how any problem situations were handled (i.e., any litigation) and the tenure of their business/professional relationships. Being engaged in community philanthropy, active in trade associations and other examples of “being a good corporate citizen” are also windows into an applicant’s character.

For those who don’t already have a strong banking relationship, seeking one out and getting to know their banker before they urgently need financing will help build a solid foundation. Since bankers are fiscally conservative, rushed decisions are less likely to go in the applicant’s favor.

RED FLAGS TO AVOID ON A LOAN APPLICATION

While some criteria weigh heavier than others, ensuring that crucial aspects of their financial picture are in good shape

Banks typically have well-documented criteria business owners must meet to qualify for a business loan. But what they may not realize is that there are additional, more subjective measures that many banks use when evaluating a request.

will help business owners into a better position when it is time for a loan decision to be made. Here are the ten most common loan stumbling blocks to avoid:

1. No budget – A surprising number of small businesses do not have a set budget, meaning the bank can’t forecast growth. It’s also a sign that it may be too early in the life cycle for a bank to take the risk.

2. Minimal understanding of the business’s numbers – If business owners have a hard time explaining their finances, or if relatively simple questions are hard to answer, it leaves the owners – and their banks –vulnerable should any financial challenges arise.

3. Interest rate is the applicant’s primary concern – Everyone wants the lowest possible interest rate, but if a business owner is talking with five to six prospective banks, the bank may see it as “rate shopping” rather than seeking a business partnership. Switching banks frequently also leads to questions about the business owner’s commitment.

4. Excessive dependencies – There is risk in being overly reliant on things like a key raw material, one or two huge customers, a labor contract or a patent. High dependence on one or more components of the business puts its owner at greater risk for sudden failure. A business’s banking advisor should seek to understand these dependencies and, ideally, help identify ways to minimize that risk.

5. Instability, Variability – For businesses than operate in an unstable business environment (for example, sporadic access to raw materials), or are in an industry has frequent highs and lows (i.e., housing construction), business owners should discuss this with their banker to see if there are ways to mitigate this concern.

6. Turnover ratios lengthening – Slow-selling inventory, too much product, delays in paying suppliers or collecting payments can worry a banker. There are many good explanations that will help overcome this hurdle and ensure the banker understands the situation.

7. No skin in the game – If an entrepreneur or small business owner hasn’t put their money where their mouth is, why should the bank?

8. Growth and expansion that is too fast – This may seem counterintuitive, but rapid expansion can mean management may not be able to sustain that growth, or may not have grown its infrastructure or capital base to keep up.

9. Overall cash flow – Business owners should be able to provide their banker global cash flow information, including relevant personal and affiliate financial and debt records that can help banks calculate total cash available to pay for potential loans. While focused on capital for financing, overall marginal or negative cash flow must be addressed.

10. No estate plan – Particularly for mid-size or larger businesses, having no estate plan puts the business – and therefore financial performance – at risk. What happens to the business if the owner is no longer around?

THE BENEFITS OF EXPLAINING THE BUSINESS

Addressing the red flags has benefits beyond increasing business owners’ chances of a positive outcome, such as improving their operational processes and efficiencies and developing a trusted relationship with their banker.

Evaluating a business’s loan readiness may even shed some light on a gap in the owner’s business strategy that needs to be addressed. No estate plan? The bank knows some great estate planners. Need a deeper bench of talent? The bank may have suggestions.

The most important takeaway is that business loan decisions are both objective and subjective. Basic financial criteria must be met, but overall impressions, work style and the ability for the bank and business owner to develop a deeper, trust-based relationship matters.

The Venture Mindset

Inspired by venture capitalists’ unique way of thinking, The Venture Mindset offers a transformative playbook for delivering results in a rapidly changing world from a top Stanford professor and a technology executive. Venture capitalists are known for their extraordinary ability to spot opportunities. They know how to identify emerging trends, how to bring new industries into being, and when to hold them and when to fold. Their unique mindset has made them the force behind world-changing companies such as Amazon, Google, Moderna, SpaceX and Zoom. Stanford Professor Ilya Strebulaev has devoted two decades to studying VCs’ counterintuitive approaches to decision-making and the reasons behind the successes and failures of corporate innovations. Alex Dang has witnessed up close how VCs’ thinking and mechanisms can create successful businesses at companies like Amazon and McKinsey.

The Venture Mindset: How to Make Smarter Bets and Achieve Extraordinary Growth

Ilya Strebulaev and Alex Dang

Portfolio

Available 5/21/2024

A Leader’s Destiny

$34

368 pages

Elias Aboujaoude’s distinctive exploration of leadership provides unusual insight into understanding who should and should not be striving for leadership positions. Dr Aboujaoude takes on the culture at large, explaining how our cult-like obsession with leadership gives narcissists an edge and results in leadership failure everywhere we look — and how resisting the imperative to rise at all costs can leave many with an inferiority complex. His takedown of the “leadership industrial complex,” an unholy alliance of gurus, coaches, business school professors and TED-talkers, from Harvard on down, pokes a very sharp elbow into an industry seemingly united in a modern form of alchemy to create leadership gold — a waste of time, money and effort, since leadership cannot be taught through books or coaching and cannot be bought.

A Leader’s Destiny: Why Psychology, Personality, and Character Make All the Difference

Elias Aboujaoude

PublicAffairs

Available 5/21/2024

Graciously Assertive

$32

320 pages

Dr. Yasmin Davidds has spent most of her professional life empowering women leaders. In this new book, the awardwinning entrepreneur, psychologist, speaker and author continues her lifelong mission, offering helpful tools and strategies to people of all backgrounds who are looking to transform the way they communicate in the workplace. Breaking down what she refers to as a “Graciously Assertive” communication style, Dr. Davidds shares how being firm and direct — yet kind and respectful of the feelings and needs of others — enables professionals to flourish in their careers as well as their personal lives. An inspiring, compelling and deeply informative guide designed by a businessperson for businesspeople, Graciously Assertive promises to help people everywhere learn how to hold a space for others and, in doing so, become more thoughtful and empathetic leaders.

Graciously Assertive: How Becoming a Better Human Makes You a Better Leader

Yasmin Davidds, Psy.D.

$27.95 Morehouse Publishing Available 5/28/2024

256 pages

This may seem counterintuitive, but rapid expansion can mean management may not be able to sustain that growth, or may not have grown its infrastructure or capital base to keep up.

DEFINING

THE MARKET IS EXTREMELY IMPORTANT

Many startups overstate the true market they are addressing. It’s the difference between TAM and SOM. (TAM, SAM and SOM are acronyms for three metrics to describe the market in which an organization operates:

Total Addressable Market, Serviceable Addressable Market, and Serviceable Obtainable Market.)

Just because someone “could” be a customer, it is important founders really hone in on what part of the market they are addressing, what percentage their competition currently holds and their thesis for growth. Many market incumbents are not just going to roll over, so founders need to understand what their product or service is going to replace and the barrier or cost to switch. All this needs to be factored into the “obtainable” discussion.

Chris Van Dusen is a senior partner at Solyco Capital, a vertically integrated investment firm that delivers capital solutions for late-stage startup and growth companies. The firm takes a private equity approach to venture capital.

Van Dusen joined Solyco in 2022 as the last partner to be brought on by the firm. He manages sourcing of capitalization and serves in CMO and CRO roles for the brands in the portfolio. solycocapital.com

VC Fundraising in Today’s Environment

Founders need to be aware the world of outside capital has changed by

Chris Van Dusen

The role of a company founder is vision, culture and fundraising. Founders should have their finger on the pulse of the VC market, and one of the ways to do that is through strategic advisors (attorneys, CPAs, etc.) These strategic advisors will help founders understand the overall fundraising landscape as well as what the market commands.

KNOW THE VALUE

This idea of what the market bears is a combination of both art and science. Founders will want to “sell” the least amount of equity in their company for the most amount of capital (higher valuation) while it is of the interest of the capital provider (VC, PE, Angel) to receive the most amount of equity for the least amount of capital (lower valuation). In 2021, founders could command higher valuations due to many macro investing trends. Today, that has shifted. Capital is harder to come by, so investors hold more leverage in setting terms. Founders need to be smart with valuation, as their last round won’t necessarily dictate a valuation increase — even if they hit milestones — since many valuations were already inflated. Founders should find smart capital at a fair value and focus on execution.

We need to understand the shift over the past few years, 2020–2023. Capital was cheap or even free and now it is very expensive. Valuations were extremely bloated and now, in many stages, down 60%. The world of outside capital has changed and so must founders’ expectations. The founder journey and value for what founders are building may not match the current funding economics. Founders should be prepared to feel pain or discomfort in the valuation.

Communication and prioritization of goals is important even before founders receive the term sheet. It is OK to be upfront that certain terms are a non-starter. If it’s known that a particular VC invests only with certain terms even though they will not lead the round, then it might not be the best fit.

There is a big difference between capital and smart capital. Smart capital can open doors, integrate the founder into an ecosystem and be a trusted resource through growth stages. It is important that founders focus on not only what capital provides from a direct growth perspective but also what the investors of firms provide with that capital.

DEVELOP PITCH

There are a few big issues I see in pitches. One is the founders using the “We are like XXX for ZZZ” approach: “We are the Airbnb of [insert industry.]” Or they think their serviceable market is bigger than it really is. And lastly, they try to address a problem in too many industries at once from launch. A business solution may solve problems in many verticals but require teams and domain knowledge not currently staffed. It’s better for the founder to start by solving a need in one and move to new markets after proving success. Discounting the time, domain knowledge and expertise it takes to do well in certain markets can waste valuable time and money.

There was recently a great interview with one of the GPs at Benchmark capital in which he referenced startups trying to sell a boat. They go through all the amazing features of the boat: the beam, sail, riggings, etc. But what they should be selling is the wind. Even the worst of ships can set sail if the wind is right. So, it is more what wind the startup is trying to catch in the marketplace and why it is uniquely positioned to take advantage of that momentum in comparison to the other boats currently available. Feels like a great analogy to timing, positioning and, of course, building quality as well.

MAINTAIN RELATIONSHIPS

Once terms are accepted and capital deployed, the most important element in a great founder/VC relationship is communication. Many founders are worried that this new level of accountability will stifle growth. In actuality, it can help propel it further — and faster.

For us, after deploying capital, all incentives are aligned. We believe in the plan and are here, of service, to help the founder achieve the next levels of growth. Bad news, stumbles and even roadblocks happen; good communication opens the door to a multitude of resources to help push through them. Hiding bad news, pivoting without discussion, or similar actions that shortcircuit communication will undermine alignment. The more a founder’s capital partner knows, the more that partner can help the founder see beyond the horizon for capital, resources, partnerships, etc., to make the company a success.

There has been a shift in the market over the past few years, 2020–2023. Capital was cheap or even free and now it is very expensive. Valuations were extremely bloated and now, in many stages, down 60%.

WHAT IS A TRADEMARK?

A trademark is any word, name, logo, design or any combination that identifies goods or services of one source and distinguishes them from others. It may be the name of a business, or it may be a name the business uses in connection with certain goods or services it offers. Registering a trademark with the United States Patent and Trademark Office will help prevent others from trying to use the same, or confusingly similar, name or logo. More importantly, registering a trademark allows the business to use a name with less worry of infringing on someone else’s rights.

Tyler Thorne is a corporate transactional and trademark attorney at Gallagher & Kennedy in Phoenix, where he helps young entrepreneurs, startups, and athletesturned-business owners and investors through the legal process of starting and operating a business. He developed a niche practice representing athletes in their postcareer ventures from his own experience as a professional baseball player-turned-lawyer. gknet.com

Why a Business Needs a Trademark

And its role in customer recognition and loyalty by Tyler

Thorne

Every business starts with two things: an idea and a name. While entrepreneurs (rightfully) focus on executing on their ideas when launching or expanding a business, safeguarding the business name and brand becomes crucial. A key step for safeguarding is trademark registration. Registered trademarks are often essential for brand protection and may significantly enhance the value of the business.

CHOOSING THE RIGHT TRADEMARK.

Someone launching a new business or introducing a new product or service should choose a name that stands out. Choosing a name that’s too common or generic exposes the business to potential legal problems.

First, an application may be refused if the trademark is merely descriptive of a business’s goods or the services it sells or if it is confusingly similar to an existing mark or pending application. A mark is merely “descriptive” if it describes an ingredient, quality, characteristic, function, feature, purpose or use of the specified goods or services. A mark is “confusingly similar” to an existing or pending mark if the marks are similar and the goods or services are related such that consumers would mistakenly believe they come from the same source.

Additionally, without a registered trademark, other businesses could use a similar name or logo, causing confusion among a business’s customers and potentially damaging its reputation. A brand is the business identity — it’s how customers recognize and relate to that business. A registered trademark can serve as legal protection and enable a business to prevent competitors from using similar names that might confuse its customers or dilute its brand’s reputation.

Even worse, if a competitor has registered the same or a similar trademark, the owner can seek to prevent a business from using its trademark. The owner may send a cease-anddesist letter or take legal action against the business owner, such as filing a lawsuit. This may result in the business being legally obligated to change its brand name or logo, resulting in significant costs and potential loss of customer recognition and loyalty.

To help reduce the risk of wasting time and money dealing with legal disputes from potential and future competitors in the business, a business should choose a distinctive trademark that is clever and conceptually strong. The trademark should relate well to the company, but it shouldn’t resemble anything else in the business’s market.

REGISTERING A TRADEMARK

Those thinking of registering a trademark should consult with an attorney early in the process to determine whether their trademark is registerable. A trademark attorney can identify potential problems down the road and provide solutions to prevent those problems. Most importantly, an attorney can

be a guide through the process of filing an application and registering the trademark, as further outlined below.

Step 1 – Trademark Search: Before filing an application, it’s important to perform a thorough search of existing trademarks to ensure the trademark is available. The trademark registration process can be complex, requiring an understanding of nuanced trademark laws and the potential implications for a business. An attorney can guide the applicant through the initial process by conducting a thorough trademark search.

Step 2 – Application: If a trademark appears to be registrable, an attorney can help the applicant prepare and file the application correctly. Part of the trademark application process is determining which International Classes for which to register the trademark. With 45 International Classes, it can be easy to become confused. A trademark attorney can much more easily make the determination about which International Classes to register. Filing the correct class(es) the first time allows for a quicker, less costly registration process.

Step 3 – Examination: Once the application has been submitted, an examining attorney at the USPTO may flag certain legal problems with the trademark, as well as with the application itself. An attorney can help applicants respond to any objections or legal issues that arise in this process.

Step 4 – Registration & Renewal: Following registration, an attorney can help the trademark owner submit timely renewal documents as required. An attorney can not only monitor new USPTO filings, but also the unauthorized use of the trademark. Working with an attorney allows the businessperson to focus on growing the business, not policing the trademark.

A trademark attorney can guide applicants through every step of the trademarking process, helping them avoid potential pitfalls and maximize the benefits for their business .

A registered trademark can serve as legal protection and enable a business to prevent competitors from using similar names that might confuse its customers or dilute its brand’s reputation.

ARIZONA REALTORS®

‘HOMES FOR ALL’ SPECIALTY LICENSE PLATE

The purchase of these license plates directly supports the Arizona REALTORS® Foundation for Housing and Community Outreach, funding housing projects across the state. This innovative fundraising approach showcases the association’s dedication to leveraging creative solutions to address housing challenges and improve community welfare. azdot.gov/arizonarealtorsr-homes-all

Arizona REALTORS®: Pioneering Philanthropy for Lasting Social Impact

Powered by a pervasive spirit of volunteerism by

Tyler Butler

Since its establishment in 1945, Arizona REALTORS® has epitomized a commitment to not only facilitating real estate transactions but also to fostering vibrant communities and driving meaningful social change across the state. With a membership exceeding 55,000 professionals, the association stands as a beacon of philanthropy, sustainability and social responsibility, striving to make homeownership accessible while tackling pressing societal challenges head-on.

“At the core of our mission lies a profound dedication to community service and outreach,” emphasizes CEO Scott Drucker. “Our members recognize the diverse housing needs of today, from affordability to homelessness and disaster recovery, and actively engage in initiatives addressing these challenges.”

Central to the Arizona REALTORS ethos is the Foundation for Housing and Community Outreach, established to raise funds for local associations and support critical projects and educational programs aimed at enhancing housing opportunities. “From monetary donations to blood drives to fire and flood relief, Arizona Realtors are doing their part to give back to programs and nonprofit organizations across the state,” says Drucker.

The association’s commitment extends beyond state borders through initiatives like the Arizona REALTORS Disaster Assistance Foundation, which has provided vital financial aid to individuals and families affected by personal or natural disasters since 2002. “With homelessness impacting Arizona’s most vulnerable communities, including families, the elderly and veterans, ARDAF is helping people find a place they can call home,” affirms committee member Michelle Lind.

Tyler Butler is a chief social impact officer for a publicly traded corporate portfolio where she leads programs that positively impact humanity. She is also the founder of 11Eleven Consulting, and she is often cited as a subject matter expert by Forbes, SHRM, Entrepreneur, U.S. News & World Report and more. linkedin.com/in/tylerbutler

Moreover, Arizona REALTORS’ dedication to creating sustainable solutions to housing challenges is evident through partnerships like the Arizona Housing Fund. By pledging substantial funds and encouraging voluntary donations from buyers and sellers, the association is actively combating homelessness and driving positive change within its communities. “Our success relies on the community that we serve every day. By embracing community outreach, the Arizona REALTORS® has gone beyond business,” notes Realtor Eric Gibbs, 2023 president.

Volunteerism lies at the core of the Arizona REALTORS social impact initiatives. Members actively contribute their time and resources to support local nonprofits and participate in hands-on projects, fostering a culture of giving back. “From participating in emergency food box packing to supporting medical supply distribution, our members are making a tangible difference in the lives of those in need,” emphasizes Drucker.

As Arizona REALTORS continues to expand its footprint in community development and social responsibility, its

impact resonates far beyond the realm of real estate. By embodying the values of compassion, integrity and service, its members are not just selling homes; they’re building futures and changing lives. Through their unwavering dedication to philanthropy and social impact, the Arizona Realtors are setting a powerful example for industry professionals nationwide, demonstrating that success is measured not only by transactions closed but by the positive difference made in the lives of others.

Expanding on its commitment to philanthropy, Arizona REALTORS has initiated various programs aimed at fostering community engagement and addressing critical societal issues. One such initiative is the Arizona Helping Hands Birthday Dreams program, where members come together to create birthday packages for children in foster care. Additionally, they actively support St. Mary’s Food Bank by participating in emergency food box packing, ensuring that vulnerable individuals and families have access to essential nutrition.

The association’s philanthropic endeavors extend beyond local communities, as evidenced by its collaboration with Project C.U.R.E., the world’s largest distributor of donated medical equipment and supplies. Members volunteer their time to help pack medical boxes, contributing to improving healthcare access in underdeveloped areas globally. This global outreach underscores the commitment of Arizona REALTORS to making a positive impact beyond state borders.

Furthermore, the association’s recent introduction of the Equity, Diversity & Inclusion Real Estate Scholarship Program demonstrates its commitment to nurturing diverse talent within the industry. By providing financial support and mentorship opportunities, Arizona REALTORS is empowering individuals from underrepresented backgrounds to pursue careers in real estate and contribute to building more inclusive communities.

In addition to its ongoing initiatives, Arizona REALTORS annually recognizes members who actively engage in giving back efforts through its Community Outreach Awards. These awards celebrate Realtors and Realtor associations for their outstanding contributions to community service, highlighting the association’s commitment to fostering a culture of philanthropy and social responsibility among its members.

Arizona REALTORS’ philanthropic endeavors are deeply rooted in its commitment to serving communities, addressing societal challenges and creating lasting social impact. Through its diverse range of programs and initiatives, its members are not only facilitating homeownership but also building stronger, more resilient communities where every individual has the opportunity to thrive.

Arizona REALTORS® aaronline.com

By pledging substantial funds and encouraging voluntary donations from buyers and sellers, Arizona REALTORS® is actively combating homelessness and driving positive change within its communities.

Strengthening communities through charitable giving.

For over 40 years, the Arizona Community Foundation has supported nonprofits and students across our state by mobilizing the collective passion and generosity of thousands of Arizonans.

When you are ready to take the next step in your personal charitable giving journey, we are here to help you achieve your goals.

Kathleen Gramzay, LMT, is an entrepreneur, body/ mind resilience expert, speaker, author, and founder of Kinessage LLC. The Kinessage® methods are taught nationally to transform stress, chronic tension and pain, and increase mental resilience and long-term health for greater well-being and sustainable success. Her programs empower leaders and teams to be present, think more clearly and work more productively, confidently and collaboratively. kathleengramzay.com

Resilience – the Core of Today’s Business Strategy

In this new guest column, readers are welcomed to “Resilience, the Core of Everything.” It intends to furnish organizational leaders with a holistic, comprehensive outlook, enabling them to lead sustainably toward success in a post-pandemic era, leveraging the potency of human resilience.

by Kathleen Gramzay

Undoubtedly, the COVID-19 pandemic marked a turning point for both humanity and business. The scale of uncertainty, loss and prolonged threat to physical and financial well-being left deep imprints of chronic stress at a neurological level.

The continuing ripple effects on business and society become more apparent when the consequences of chronic stress on the mind, emotions, behavior and health are comprehended. These ripple effects manifest in a myriad of challenges that leaders currently confront: employee burnout; production disruptions; retention and recruitment hurdles; escalating healthcare expenses; and demands for broader benefits, a more inclusive culture and engagement in social responsibility.

At the heart of a sustainable, resilient organization lie resilient individuals. The essence of a resilient human being lies in a healthy nervous system and the ability to respond rather than react to stressors. Advocating for individual resilience as a core organizational principle provides pragmatic benefits for today and the long term.

Three critical facets of this paradigm shift illustrate why embracing resilience as a core organizational priority is a potent business strategy for sustainability and success.

Mitigating the Ongoing Impact of Chronic Stress and Burnout: According to the Gallup State of the Workplace 2023 Report (gallup.com), 44% of the global workforce experiences chronic stress or burnout, with rates in the U.S. and Canada reaching 52%. In such a state, individuals’ cognitive abilities, problem-solving skills, health and interpersonal relationships are significantly compromised.

External stressors such as market fluctuations, geopolitical unrest and environmental concerns have become commonplace, exacerbating the underlying sense of insecurity.

Workplace stressors, including increased workloads, communication challenges and a lack of professional development opportunities, further contribute to chronic stress and burnout.

Given the persistence of external stressors, implementing a resilience strategy that enhances individuals’ capacity to manage stress effectively offers a fundamental solution for sustainable success, benefiting both employees and organizations alike.

Balancing the Shift in Power Dynamics: The pandemic precipitated a shift in power dynamics as a decentralized workforce demonstrated its ability to work remotely. The convergence of work and personal lives on virtual platforms brought clarity to individual contributions and priorities, leading to phenomena such as the “great resignation.”

Gallup’s 2023 surveys estimate that actively disengaged and low-engagement employees cost the global economy $8.8 trillion, or 9% of global GDP.

Employees now wield greater leverage in negotiating for flexible work arrangements, improved mental health support, a nurturing organizational culture and enhanced diversity and inclusion initiatives.

Cultivating personal and team resilience starting at the executive level serves as the neurological foundation for fostering a healthy, engaged and inclusive workplace culture.

Enhancing Adaptability to Accelerated Change:

The pandemic necessitated unprecedented levels of adaptability to accelerated change. However, the anticipated respite to recalibrate has been elusive, with leaders and teams contending with incessant demands for heightened productivity and responsiveness. Striking a sustainable balance that enhances adaptability and the capacity to manage change becomes imperative amidst perpetual expectations for increased output and 24/7 availability.

Implementing a resilience strategy provides leaders with a systemic approach to striking this balance, effectively addressing productivity; retention; recruitment; employee well-being; organizational culture; and diversity, equity and inclusion concerns for long-term organizational sustainability.

KEY COMPONENTS OF A RESILIENCE STRATEGY

Leaders interested in implementing a resilience strategy should consider the following three components and explore design, implementation and training support to mitigate overtaxing internal leaders who may already be stretched thin: Mitigate chronic (toxic) stress. This can be done by conducting baseline assessments of leaders’ and the workforce’s current resilience levels, particularly focusing on HR, managers and supervisors, and by identifying and addressing process and initiatives frustrations.

Cultivate resilience and trust. To do this, employers need to provide resilience training to equip individuals with selfregulation skills during challenging situations. They should then follow up by assessing and fostering psychological safety within the organization.

Foster a proactive culture of resilience. This requires two steps: securing executive support and budgetary allocations to execute and embed the resilience strategy across the organization, and then evaluating and enhancing existing well-being initiatives and employee assistance programs by offering programs that promote adaptability and destigmatize mental health issues.

Embracing and implementing a resilience strategy represents a holistic approach to effectively aligning the needs of individuals and organizations, fostering greater sustainability for both parties.

The Future of Rebranding

Top 2024 Trends That Will Drive Business Success

by David Brier

Since the pandemic hit, businesses have been shifting gears, lanes and categories all in an effort to stay relevant. The result is a tsunami of rebranding that’s been shifting the landscape we all traverse every day for business and personal purchases.

But there’s a problem.

Some treat rebranding like slapping on a fresh coat of paint and calling it a day. Here’s what you need to know: Forget the paint. Forget the wallpaper. Forget the curtains. This is about the pulse of the marketplace, the heartbeat of innovation, and the roar of companies refusing to be background noise in a symphony of deafening competition.

This is why we must own what’s happening as we wrestle for relevance in the rebranding revolution of 2024.

THE STREETS ARE TALKING. ARE WE LISTENING?

Since 2020, a significant chunk of companies — let’s call it an army — has embarked on the rebranding journey. Why?

It’s a response to the shouting demands of consumers, of markets that have been ignored or force-fed lies and overpromises.

Because yesterday’s strategies are toast in today’s battle. Not fresh toast, but lukewarm and stale toast that only gets worse in a microwave.

We’re seeing a projected surge in B2B brand advertising expenditure as a simple road sign to one place: where the war is headed.

And companies that aren’t stockpiling their arsenals with brand new narratives and differentiators are entering the battleground with insufficient defense (no matter how well funded their offensive strategies might be invested in).

And no amount of repetition, budget or yelling will make a dull idea sharp or relevant. That only results in a waste of connection, a waste of money and a waste of meaningful interaction.

THE ALMIGHTY DOLLAR: REVENUE’S SECRET WEAPON

Talk is cheap, but brand consistency? That’s the gold. When businesses align their brand’s voice, visuals and vibe across every touchpoint, they will watch revenue climb like it’s got a jetpack.

This isn’t about being nice for niceties’ sake. It’s about the concrete impact on the bottom line. A unified brand speaks louder and gets heard more even when it’s whispering much more than a shallow, dispersed brand yelling at the top of its lungs.

The lesson is to be a brand that is unified and differentiated well. That will become etched in the minds and hearts of the business’s customers.

And when customers feel it, they don’t just open their wallets — they come back for more. This is the brand consistency jackpot.

EMOTIONAL CONNECTIONS: THE BRAND’S LIFELINE

In the digital age, where a swipe is faster than a heartbeat, emotional connections are a business’s lifeline. Facts are raw ingredients. And stories are the meal that keeps customers coming back for more (and today’s special from the chef).

Brands that forge genuine bonds with their audience don’t just create customers, they create advocates, enthusiasts, defenders.

It’s about tapping into the human element, understanding that behind every click, swipe, and purchase, there’s a heartbeat. Brands that recognize and honor this will not only survive, they’ll thrive.

DESIGN, AUTHENTICITY, ADAPTABILITY: THE TRINITY OF REBRANDING SUCCESS

Exceptional design isn’t just pretty; it’s strategic. It’s the visual shout that cuts through the noise.

Add to this the factor authenticity. Authenticity is a brand’s soul. Without it, we’re just another face in the crowd.

And adaptability? This is our survival kit in a world that changes direction faster than a street racer.

These three — exceptional design, authenticity and adaptability — aren’t just nice-to-haves. They’re must-haves; the holy trinity of branding excellence.

And in the rebranding game, they’re a business’s best bet to not just playing but winning.

NAVIGATING THE EVER-CHANGING MARKETPLACE: THE BRAND’S ODYSSEY

Rebranding isn’t a luxury; it’s a strategic imperative, a recalibration to ensure a business is not just keeping pace but setting it.

It’s about being so in tune with the times that the business becomes a window to the future, can dance to the rhythm of change, and lead the parade.

And today’s marketplace isn’t just changing; it’s metamorphosing at warp speed. And brands that stay the course with outdated maps will find themselves lost at sea — or in a galaxy far, far away.

In the grand scheme of things, rebranding is so much more than a makeover. It’s a renaissance; a rebirth into relevance, resonance and leadership in a cutthroat environment.

As we navigate this complex landscape, remember: the brands that dare to dive deep, reimagine themselves, and connect on a human level aren’t just surviving; they’re thriving. This is the rebranding revolution, where only the bold, the brave and the genuine emerge victorious.

Welcome to the new era of branding where the future isn’t just bright but is the tool that can restore sight to the blind within the company and outside it.

David Brier is the bestselling author of Brand Intervention and Google’s No. 1-ranked rebranding expert; his rebrands have generated more than $7 billion worldwide. Brier publishes a weekly newsletter, “The Brand Liberation Journal.” linkedin.com/in/ davidbrier risingabovethenoise.com/ landing/modern-brandsecrets/ twitter.com/davidbrier A staggering 89% of marketers believe that rebranding can significantly increase brand recognition and customer loyalty, with many seeing a direct uplift in revenue within the first

Jessica Rector, MBA, author of the #1 bestselling Blaze Your Brain to Extinguish Burnout and nine other books, helps organizations, leaders and teams “Say Yes” to eradicate burnout and enhance mental health. As a burnout trailblazer, her research is used in her consulting and speaking and often shared on her podcast, “The Say Yes Experience.” jessicarector.com

The Burnout Battle: Why Leaders Must Lead the Charge

Close the burnout gap to improve well-being and productivity by Jessica Rector

Burnout is impacting every industry, company and role. There are no exceptions.

Leaders often find themselves in the trenches, navigating through the chaos and driving their teams toward success.

However, amidst the pursuit of goals and objectives, there’s a lurking enemy that can undermine all efforts: burnout.

In the burnout battle, we often find the great divide.

Leaders believe that their employees aren’t being impacted by burnout or that their people have everything they need to beat it. Yet, employees are struggling in the day-to-day and believe they don’t have the strategies, tools or support to help them.

We call this the burnout gap (the distance between what leaders think and how employees feel).

Much of the burnout battle begins with educating leaders on not only the importance of burnout but also the urgency of it, because burnout won’t go away on its own or work itself out. It requires intentional and strategic effort by both leader and organization to prevent it.

Our research has uncovered two components of burnout: the company and individuals. More specifically, a company’s culture and an individual’s habits.

Misalignment by either one will lead to burnout. An organization might have a wellness program, but that solely focuses on what employees can do to prevent or beat burnout in themselves, so it leaves out almost half of the contributing factors for burnout.

In other words, if employees work through a wellness program, they will still be headed toward burnout, because it doesn’t incorporate the company side of the contributing factors to burnout.

For leaders, preventing burnout is no longer a nice to have, it’s a must do.

Here’s are the reasons it’s crucial for leaders to take proactive measures to prevent and combat burnout within their teams, along with targeted microsteps, small actions leaders can take for massive results.

When employees feel overwhelmed and undervalued, their commitment to the job dwindles, and they become more prone to absenteeism and turnover, which costs U.S. employers $300 billion annually due to burnout.

BURNOUT KILLS PRODUCTIVITY

Burnout doesn’t just sap employees’ energy and enthusiasm; it also wreaks havoc on productivity. Exhausted and disengaged workers are far less likely to perform at their peak, resulting in missed deadlines, more mistakes and decreased efficiency. The detrimental outcomes often can lead to safety issues and enhance cybersecurity attacks. When leaders fail to address burnout, they inadvertently sabotage their team’s performance and jeopardize the organization’s bottom line.

Microstep: Leaders should find one way to acknowledge or appreciate their people at least on a weekly basis. When employees get recognition six times a year (once every other month), performance increases by 32%, according to WorkHuman. Imagine if they received recognition weekly how much their performance would increase.

BURNOUT BREEDS DISENGAGEMENT

A burned-out workforce is a disengaged workforce. When employees feel overwhelmed and undervalued, their commitment to the job dwindles, and they become more prone to absenteeism and turnover, which costs U.S. employers $300 billion annually due to burnout. Leaders who turn a blind eye to burnout risk losing their top talent to competitors and creating a toxic culture of apathy and discontent.

Microstep: Leaders should address the elephant in the room and start talking about burnout. When leadership talks about burnout, employees lean in and become engaged, knowing that the business is creating a safe place where they will be met with compassion, empathy and understanding.

They recognize their work community is operating on the same foundation on which they can all build and thrive.

BURNOUT UNDERMINES CREATIVITY AND INNOVATION

Innovation thrives in environments where individuals are energized, motivated and encouraged to think outside the box. Unfortunately, burnout stifles creativity and dampens innovation. Exhausted minds lack the clarity and focus needed to generate fresh ideas and problem-solve effectively. By neglecting to address burnout, leaders inadvertently stifle their team’s creativity and hinder their organization’s ability to adapt and thrive in a rapidly evolving marketplace.

Microstep: Leaders should encourage frequent breaks. People are most productive when they work for 50 minutes and take a 10-minute break. Instead of pushing through to finish a project or a task, they need to give their brains the time and space to unwind and decompress. When they get back to it, they’re more creative and innovative and are able to finish things faster by taking that much-needed break.

BURNOUT DAMAGES HEALTH AND WELL-BEING:

Beyond its impact on productivity and performance, burnout takes a significant toll on employees’ health and well-being. Chronic stress and overwork can lead to a host of physical and mental health issues, including anxiety, depression, cardiovascular problems and weakened immune systems. Leaders who prioritize the bottom line over their team’s well-being not only jeopardize individuals’ health but also incur long-term costs in terms of healthcare expenses and employee morale.

Microstep: Leaders should implement more fun into the workdays. Fun and work aren’t mutually exclusive. The more fun employees have at work, the more they will stay at the company. Fun shows up in different ways for people. Trivia, contests, ropes courses or karaoke — leaders should ask employees what they like to do for fun and then do it.

BURNOUT LEADS TO LEADERSHIP FAILURE

Ultimately, leaders bear the responsibility for the well-being and success of their teams. Failing to address burnout is a failure of leadership. Leaders who ignore the warning signs of burnout or, worse, contribute to its proliferation through unrealistic expectations and poor management practices, risk damaging their reputation and undermining their credibility as effective leaders. The ability to recognize, prevent and address burnout is a fundamental skill that separates great leaders from mediocre ones.

Microstep: Leaders should do a two-word check in. They should ask their team, “How are you really feeling,” and not allow them to say, “Fine” — but instead, inspire them to tap into other feelings. When they say anxious, stressed, depressed, sad, hesitant or words like these, it’s an opportunity to dive into a deeper conversation and ask, “How can I help,” which lets them know their leaders care about them as a real person and not just a worker.

The battle against burnout is more critical than ever. Leaders who prioritize the well-being of their employees and take proactive steps to prevent and combat burnout are not only fostering a healthier and more engaged workforce but also safeguarding the long-term success of their organizations. By leading by example, cultivating a supportive work culture and promoting life-work alignment, leaders can empower their teams to thrive under any circumstance.

It’s important to remember: The fight against burnout begins at the top — and it’s a battle worth waging.

Leaders who prioritize the bottom line over their team’s wellbeing not only jeopardize individuals’ health but also incur longterm costs in terms of healthcare expenses and employee morale.

BY THE NUMBERS; WORKFORCE REENTRY

Justice-involved individuals are often left jobless, not because they lack a desire to work but because they face immense hurdles. With a focus on workforce development and fair chance opportunities, there is great potential to reduce unemployment for justice-involved individuals.

• It typically takes formerly incarcerated individuals at least six months to find a job after being released.

• Studies have found family income declines 22% while a father is in the justice system and remains 15% lower after being released.

• An analysis found large employment disparities for formerly incarcerated individuals, with national unemployment rates higher than 27%.

‘Fair Chance’ Initiatives Give Much More Than Just a Second Chance

Fair

Chance Collaborative to build off existing community efforts

by Emma Garcia

Roughly one-third of adults in the United States have a criminal record. Arizona has the eighth highest incarceration rate in the nation, with more than 50,000 incarcerated and more than 70,000 on probation or parole. The number of people in county and city jails in Arizona is even larger, resulting in the release of more than 200,000 individuals each year.

The data underscores the challenges and importance of ensuring that justice-involved individuals receive the comprehensive supportive services and training they need, both before and after they are released. Moreover, approaches for incarcerated individuals with first-time and non-violent offenses are ill-suited to manage the dramatic increase seen in both populations. There’s also an exponential growth in the cost to the families and communities impacted, as 1 in 5 children in the U.S. has had a parent incarcerated.

Whether having faced charges for a misdemeanor or felony, it can often be difficult for those involved with the justice system to find a job. Acclimating to society and reestablishing life after prison can be nearly impossible without a source of income. Without a fair chance to secure an employment opportunity, many of these individuals are left without access to alternate means of income.

Not only can it be difficult to find a job after exiting the justice system, but there is a societal prejudice that creates a roadblock for those seeking employment. These biases include stigmatization, assumption of recidivism and a general sense of mistrust.

These and other fair chance initiatives can help eliminate bias, enable businesses to hire more qualified workers, and contribute to the overall improvement of the economy. These efforts strive to ensure that involvement with the justice system will not define a person’s future or hamper them from future opportunities to succeed for themselves, for their families and for our community.

The benefits of employing those with involvement in the justice system are significant. By reducing the stigma and increasing workforce development resources, previously incarcerated individuals can earn a living, be self-sufficient and contribute to society. It also helps the many families who have suffered financially and emotionally while a parent served their sentence in the justice system.

Simply put, Arizona must provide resources and opportunities for justice-involved individuals. This is the task at hand and one we are committed to seeing through.

A NEW FAIR CHANCE COLLABORATIVE

Emma Garcia is the chief community development and engagement officer at Valley of the Sun United Way. Valley of the Sun United Way envisions a community where every child, family and individual is healthy, has a safe place to live, and has every opportunity to succeed in school, in life and in work.

vsuw.org

As part of its MC2026 plan for Mighty Change, Valley of the Sun United Way, among other Arizona nonprofits, is bringing awareness to the untapped potential and strong job performance of people who have been involved with the justice system. Specifically, Valley of the Sun United Way’s goals in workforce development include an increase in the achievement of higher-paying jobs by 20% and a 33% increase in individuals who are equipped to earn a living-wage job. To reach these bold goals, a greater focus must be placed on employing and training previously incarcerated individuals.

FAIR CHANCE INITIATIVES

In 2021, Arizona enacted a law that allows persons convicted of certain criminal offenses the opportunity to set aside a prior conviction and seek a Certificate of Second Chance. The certificate removes some barriers in seeking occupational licenses and allows recipients to apply for employment and housing opportunities they would have previously not been able to. In addition, various Arizona agencies and organizations are providing pre- and post-release training and supportive services to address their needs and help them get good jobs and careers.

Valley of the Sun United Way is forming a new Fair Chance Collaborative to help address the multi-dimensional needs of individuals in the Phoenix metropolitan area who have been involved with the justice system. The collaborative was catalyzed by a $500,000 investment from the JPMorgan Chase Foundation.

The new collaborative will build off existing community efforts and will explore comprehensive and interconnected fair chance approaches, including job training, placement, hiring and retention, as well as resources for housing, healthcare, financial health, entrepreneurial training and other needs of justiceinvolved individuals.

Initial goals include providing technical assistance to nonprofits that assist justice-involved individuals as well as to employers working to increase fair chance hiring and retention. The collaborative will bring together employers, fair chance service providers, educational institutions, public and government stakeholders, community leaders, justice-involved individuals and other key stakeholders.

Increasing fair chance hiring and supportive services for justice-involved individuals will ultimately strengthen Arizona’s workforce and enhance our economy. Corporate and community partners who are interested in learning more about the Fair Chance Collaborative should contact Vannessa Moreno at Valley of the Sun United Way.

As part of its MC2026 plan for Mighty Change, Valley of the Sun United Way, among other Arizona nonprofits, is bringing awareness to the untapped potential and strong job performance of people who have been involved with the justice system.

2025 Lexus UX Hybrid

From its all-new powertrain to the bold style of the exciting F SPORT models, the driver-inspired UXh line was engineered for exploration inside and out. With its extremely lightweight and rigid platform, the UX Hybrid delivers sharp handling. It uses structural adhesives and laser screw welds, which significantly reduce the need for weighty screws and fasteners while enhancing agility and ride quality.

The 2025 UX Hybrid features an all-new powertrain that offers a higher level of power and efficiency. From its 2.0-liter, four-cylinder gas engine to its lithium-ion battery to the hightorque electric motor, each component has been thoughtfully engineered to offer immediate, exhilarating response. Ingeniously packaged, this powertrain also helps contribute to a low center of gravity and enhanced handling.

The car’s dashboard appears to flow seamlessly into the hood to help optimize visibility. Crafted to anticipate the driver’s every need, every aspect of the UX Hybrid interior was designed with the driver in mind. Merging traditional Japanese aesthetics with contemporary luxury, washi ornamentation mimics the soft grain of Japanese paper. Further elevating the interior are the available heated and ventilated NuLuxe®trimmed front seats. The cabin of the F SPORT Handling features unique interior upgrades, transforming it into a sleek

and aggressive command center. Its enhanced bolstered sport seats are engineered to grip their passenger through every turn. Aluminum pedals and a customizable, race-inspired, 12.3inch multi-information display further add to this crossover’s performance pedigree.

Exclusive F SPORT exterior styling features include colorkeyed overfenders, a distinctive front fascia with signature upper and lower grille inserts, and an available black contrast roof. Further enhancing the unmistakable F SPORT style are expressive LED cornering lamps, foglamps and 18-inch F SPORT wheels.

Striking from every angle, the UX Hybrid features captivating rear lighting. Its aerodynamic taillamps blend 120 LEDs into one continuous line that tapers to a mere three millimeters in the center.

The vehicle’s interior technology isn’t just second to none — it’s second nature. Lexus Interface enables the driver to personalize the multimedia experience and offers a 12.3-inch, high-resolution touchscreen display. There is seamless handsfree access to advanced features that include wireless Apple CarPlay®* integration and Android Auto™ compatibility — more than standard connection technology. —Mike Hunter

Lexus lexus.com

Handwrytten Robots Put a Personal Touch on Direct Marketing

Handwrytten was formed in 2014 to reignite the art of handwritten correspondence. Its robots help businesses achieve greater open rates, response rates and ROI than printed or email messages, at a scale that was previously impossible. Handwritten notes have response rates 7 to 21 times greater than printed mail and can be used in nearly every messaging situation. And Handwrytten’s outbound prospecting feature enables companies to geo-target handwritten notes to households that meet certain demographic criteria as part of a mass-marketing campaign.

The handwriting on Handwrytten notes is indistinguishable from real human handwriting. There are 30 handwriting styles to choose from, or users can upload their own handwriting and signature for a truly personalized style (available with a one-time fee). Users can select from more than 100 card designs or design their own online.

Not only do humans not have to pick up a pen to send a handwritten note, they also do not have to think of the words to

F SPORT INTERIOR STYLING

put in that note, unless they want to. Handwrytten has launched an AI Assist feature that will take the words right out of writers' blocked minds. A refresh button gives users the option to change the message if they would prefer different messaging.

Using the Handwrytten service is simple and can be fully automated. Contact lists can be uploaded to send hundreds of notes at once. Thanking customers, remembering birthdays, anniversaries and other special events with a thoughtful and personal message has never been easier. Handwrytten can be integrated with Salesforce, Zapier, Make and other services via its API.

Clients can pay as they go or purchase a monthly subscription. Plans start at $99 per month for 25 cards, writing and postage.

—Mike Hunter Handwrytten handwrytten.com

The cabin of the F SPORT Handling features unique interior upgrades, transforming it into a sleek and aggressive command center. Its enhanced bolstered sport seats are engineered to grip their passenger through every turn. Aluminum pedals and a customizable, race-inspired 12.3-inch multi-information display further add to this crossover’s performance pedigree.

2025 LEXUS UX HYBRID

MSRP: $46,805 and up City: 44 mpg

Hwy.: 40 mpg

Transmission: Electronically controlled Continuously Variable Transmission Estimated DC fast charging time: 30 mins 0-60: 8.0 sec.

DON’T MISS OUT! Get a year of In Business Magazine Subscribe now at inbusinessphx.com

FRIED CHICKEN SANDWICH

Fried chicken, Sriracha coleslaw, bacon, tomato and garlic aioli on a brioche bun served with waffle fries or a green salad

$15.75

AVOCADO, QUINOA, CHICKEN BOWL

Grilled chicken, bell pepper, avocado, quinoa, cucumber, pinenuts, tomato, yellow corn, cilantro, raisins, onions and feta

$16.25

PESTO SHRIMP LUNCH PIZZA

A Keto friendly and glutenfree option consisting of basil, pesto, grilled shrimp, tomato, garlic, scampi sauce and goat cheese all on a homemade keto pizza crust

$15

Breakfast Kitchen Bar: Where Business Meets Flavorful Dining

by Holly Morgan

Picture this: The aroma of freshly brewed coffee intertwining with the hum of business discussions. That’s the essence of Breakfast Kitchen Bar, a haven designed with the busy professional in mind. Step into the Desert Ridge or Scottsdale location and experience an ambiance that effortlessly combines sophistication with comfort, perfect for a healthy lunch or a swift business meeting. From Cajun to Southwest, plus great Keto diet choices, BKB has an incredibly diverse breakfast menu.

Created by visionary restaurateurs Sam Ashek and Samer Khairi, Breakfast Kitchen Bar was born from the need for a sanctuary where guests, especially professionals, could unwind, recharge and connect. It’s where the hustle of urban life seamlessly merges with the quest for quality cuisine.

While BKB is a go-to spot for breakfast classics like omelets and pancakes, the menu is carefully crafted to suit every palate, including those with dietary restrictions. When it comes to keto, BKB offers countless options like Keto Churro Pancakes, Cannoli Cream Pancakes, Spicy Breakfast Cheeseburger and a variety of Keto Pizzas. The Scampi Omelette also boasts generous portions of shrimp, and is topped with pesto sauce and goat cheese, while the Blackened

Salmon Quinoa Spinach Bowl is another top choice. There are plenty of options for those trying to satisfy a sweet tooth, but the Churro Bites are what keep visitors coming back.

Signature lunch favorites include the Fried Chicken Sandwich, a delectable fusion of crispy fried chicken, Sriracha coleslaw, bacon, and tomato garlic aioli nestled in a brioche bun. Avocado Fries served with Sriracha aioli are a fan-favorite and avocado-based dishes can be found throughout the menu, including the Avocado Quinoa Chicken Bowl. Its colorful blend of grilled chicken, ripe avocado, bell peppers, quinoa, and fresh veggies is topped with feta cheese and popular amongst health-conscious guests. For those looking for something different, the Pesto Shrimp Lunch Pizza — with its ketofriendly crust, grilled shrimp, tomatoes, and goat cheese — is a guilt-free indulgence.

BKB’s beverage menu is a wonderful mixture of strong and sweet with Honey Lavender, Almond Cream and Pistachio Latte specialty coffee drinks, to name just a few. The freshsqueezed orange juice can’t be beat, BKB has a very strong black coffee game, and staff is prepared to whip up any custom caffeinated request.

But it’s not just about the food; it’s the entire experience. The spacious outdoor patio welcomes guests — including furry friends — while fast WiFi ensures visitors stay connected throughout the visit. Whether grabbing a quick bite with colleagues or planning a productive meeting over specialty lattes, Breakfast Kitchen Bar caters to every need and occasion.

For business professionals seeking a dynamic yet relaxed environment to convene over lunch, Breakfast Kitchen Bar is a standout option. Whether sealing deals, brainstorming ideas or simply catching up with colleagues, the inviting ambiance and diverse menu offerings ensure that every meeting is both productive and pleasurable.

Breakfast Kitchen Bar

21001 N. Tatum Blvd., Phoenix • (480) 597-3887

15600 H. Hayden Rd., Scottsdale • (480) 361-6698 breakfastkitchenbar.com

Breakfast Kitchen Bar also offers Easy Cater options, ensuring office lunch or meetings are not only delicious, but hassle-free. Additionally, both locations can be rented out for private events.

Photos courtesy of Breakfast Kitchen Bar

CEO & President’s Letter

A Glance at May 2024

by Terri Kimble

50% of small businesses operate from home, and they impressively provide 75% of new jobs to the United States. This month, the Chandler Chamber celebrates their accomplishments by observing National Small Business Week from April 28 to May 4. Small businesses, entrepreneurs, sole proprietorships: No matter what you make or who you serve, we are proud of your contributions to our East Valley community. Support a small business this week and start a resolution of giving back to Chandler businesses all year long.

The Chandler Chamber is partnering with Chandler City Lifestyle Magazine to recognize the 2024 Women of Chandler. Award winners will answer questions about their career journeys and share insights into community leadership. Registration is open for this Tuesday, May 21 event.

Later in the month, our Diversity Equity Inclusion & Belonging Committee is hosting a free roundtable discussion with Asian American & Pacific Islander (AAPI) leaders. Their invaluable insight will help you improve your workplace by (1) recognizing and overcoming AAPI stereotypes, (2) celebrating local AAPI community members, and (3) sharing a crash course on intercultural communication.

I am also pleased to announce that our 37th Annual Chandler Chamber Community Awards will be on Thursday, May 30, and tickets are on sale now! This is one of my favorite events of the year as our Chamber recognizes businesses and individuals for their outstanding contributions to the Chandler community. Here, the Chandler Chamber Community Foundation will also be awarding scholarships to Chandler-Gilbert Community College. Come for an evening of food, fun and celebration of our community’s accomplishments.

Terri

Kimble

CEO & President Chandler Chamber

of Commerce

Terri Kimble CEO & President

Chandler Chamber of Commerce

Arizona’s Healthcare Horizon: Innovating Against the Odds to Resolve the Worker Shortage

by Linda Qian and Crystal Blackwell

The healthcare sector’s chronic staffing challenges have hit Arizona hard, with projections showing the state could face the nation’s most severe nurse shortage by 2025. This crisis stems from an aging workforce, a competitive job market offering candidates multiple opportunities, and the demanding nature of healthcare schedules that require 24/7 availability.

This shortage threatens not only the quality and availability of healthcare services but also the overall well-being of Arizona’s residents. In response, higher education institutions across the state are proactively developing innovative strategies to mitigate this issue and ensure a steady flow of qualified healthcare workers.

At a recent Chandler Chamber of Commerce Education and Workforce event, five Arizona healthcare leaders — Viveca Hill, division director of talent acquisition for Dignity Health Chandler Regional Medical Center; Dr. Judith Karshmer, dean and professor at Arizona State University Edson College of Nursing Health and Innovation; Dr. Maria Delph, associate dean of professional studies and baccalaureate programs for the College of Nursing & Health Care Professions at Grand Canyon University, Dr. Oaklee Rogers, associate dean for the College of Health and Human Services at Northern Arizona University; and Dr. Betty Parisek, program director for the bachelors of science in nursing and integrative health at the University of Arizona College of Nursing — highlighted their efforts to address the workforce shortfall.

A pivotal strategy has been making education more accessible via hybrid schedules that cater to students’ varied needs, including those of working professionals or individuals

with caregiving responsibilities. By blending online and inperson classes, these institutions enable more people to pursue healthcare careers without sacrificing their current jobs or personal commitments.

Moreover, educational institutions are incorporating technology, like simulation technology, into their training programs. This approach provides students with hands-on experience in a controlled setting, boosting their confidence and skill sets for real-world application.

Additionally, recognizing the importance of practical experience, Arizona’s colleges and universities are strengthening partnerships with hospitals and healthcare facilities. These collaborations ensure students have sufficient clinical rotation opportunities, which are crucial for their development.

These efforts by Arizona’s higher education sector signal a broader move toward collaboration between the business and education sectors to address the healthcare worker shortage. It underscores the need not just for more graduates, but for a more adaptable, resilient and responsive education system that meets the evolving needs of the healthcare industry and its communities. By working together, educational institutions and businesses can ensure comprehensive healthcare access in Arizona, marking a significant step in overcoming the state’s workforce challenges.

Linda Qian and Crystal Blackwell are co-chairs of the Chandler Chamber education & workforce committee.

Photo courtesy of Chandler Chamber of Commerce

From left: Dr. Oaklee Rogers, Dr. Judith Karshmer, Dr. Maria Delph, and Dr. Betty Parisek

SRP Ensuring Reliable, Affordable and Sustainable Power and Water

by David Rousseau and Jim Pratt

SRP has provided water and power to the Valley for more than 100 years, and that experience continues to serve our customers well.

SRP and our 5,000 employees have long been recognized as one of the top utilities in the nation and we are at the forefront of driving extraordinary changes to the power grid, our watershed and the greater Phoenix community while always doing right by our customers.

This means ensuring reliable, affordable and sustainable power and water now and for generations to come.

Reliability and Affordability

As a not-for-profit, communitybased utility, SRP has among the lowest electricity rates in the southwestern United States and the lowest rates of any major utility in the state. This can be attributed to careful planning by the company and our publicly elected board of directors, and our customers have made it clear that we must continue to prioritize affordability and reliability even as we substantially grow our electric system.

SRP has among the best reliability rankings in the nation, and we continue to invest in equipment and technology to improve our grid.

Responsible Decarbonization

SRP is taking significant, industryleading steps to decarbonize the power it generates for one of the fastest-growing service territories in the country. In the last year alone, we’ve doubled the amount of utility-scale solar energy on the grid and are proud of the fact that our customers are benefiting from enough clean energy to power nearly 500,000 homes. Five

additional solar facilities are currently under development. When they are operational by the end of 2027, nearly half our generation will be carbon free.

And we aren’t close to being done. Our board recently approved more ambitious sustainability goals, including net-zero carbon emissions by 2050. To help reach this goal and meet the projected 56% increase in energy needed to serve our customers over the next 10 years while also retiring most of our coal generation, SRP will double the size of our current electrical system. We’ll do this by adding new carbon-free generation and new storage resources by 2035.

To maintain a balanced, low-cost grid and to meet the unique challenges of our Valley, new fast-ramping natural gas units will also be part of SRP’s future generation mix. This technology allows SRP to meet our customers’ energy needs and better integrate intermittent renewables, which are critical to maintaining our industryleading reliability that helps keep our customers safe, especially during Arizona’s hot summer days (and nights).

SRP will also continue to support our growing number of customers who choose to add rooftop solar and batteries to their homes. We offer a variety of ways to help evaluate potential projects and avoid scams, including a rooftop solar calculator and a list of preferred solar installers.

Water Resiliency

SRP was created when a group of Phoenix-area landowners pledged their land as collateral for a federal loan to build Theodore Roosevelt Dam, establishing a regular flow of water to the Valley and ensuring our long-term growth.

SRP now supplies water to almost half the Phoenix region. Even though our water comes from a watershed that is expected to be less impacted by climate change than the Colorado River, we continue to collaborate with state agencies, cities and tribes to develop programs and infrastructure that will help maximize the Valley’s future water supply.

These include increasing storage capacity on the Verde River and the SRP Central Arizona Project Canal Interconnection, allowing water to be moved to communities that need it. We are also seeking approval to extend the amount of time SRP can hold water in a portion of the Flood Control Space at Roosevelt Dam to put more of it to use, particularly during times of heavy precipitation like we experienced last winter.

SRP and our partners will continue to plan for future growth and variable climate conditions to help ensure reliable and well-managed surface water and groundwater supplies.

While we’ve experienced incredible change over the last 100 years, one thing has remained constant: We are driven to always make decisions in the best interests of our customers and the communities we serve. This commitment is ongoing and will become even more important to ensure reliable, affordable and sustainable power and water as we address critical challenges facing our company and our state.

David Rousseau is SRP board of directors president and

Jim

Pratt is SRP general manager and chief executive officer.

Empowering Autism in the Workplace

by Amanda Steele

Navigating the workplace as a neurodivergent individual has been a journey of self-discovery, challenges and triumphs for me. Neurodiversity is a term used to describe the variations of the human mind reflected in the diversity of cognitive functioning that includes autism, ADHD, Tourette’s Syndrome, Down Syndrome, dyslexia and dyspraxia, to name a few.

I was diagnosed with autism and ADHD at 38, and years were spent concealing my true self in a world that frequently misunderstands neurodiversity. Despite these obstacles, this journey has been transformative, empowering me to use my neurodivergent identity as a strength in both my personal and professional life.

Influenced by my son, who has an intellectual disability and autism, I pursued a career as a speech-language pathologist assistant. His unique challenges and abilities inspired me to help individuals like him find their voices and navigate their surroundings. His journey has profoundly impacted mine, leading me to roles as a nonprofit leader and an advocate for neurodiversity in education.

Over the years, I’ve developed strategies to manage stress and maintain equilibrium, such as incorporating routines and rituals, utilizing stimming and sensory equipment. Since 2015, as a speech therapist with Arizona Advanced Therapy, I’ve built strong connections with my caseload of teens and adults, aiding their communication efforts and self-expression, whether at their home or within the community.

In 2021, I co-founded EPIC Disability Advocacy, a nonprofit organization committed to empowering neurodiverse individuals and spearheading societal change. EPIC has launched EmpowerU,

a leadership development program aimed at equipping neurodiverse individuals with essential skills and self-determination. Additionally, we offer consulting and training services to educational institutions and organizations, striving to enhance interactions and outcomes for the neurodiverse population.

Employers play a vital role in supporting individuals with autism by acknowledging their unique needs and strengths. Providing accommodations, flexibility in task pacing, and valuing employees for their work and recognizing that verbal communication skills can vary are key steps toward inclusivity. It’s crucial to recognize the diversity of needs; what benefits one may not suit another. Identifying the potential within each employee helps individuals with autism excel.

For me, finding solutions that allow me to listen and participate effectively is crucial. Coloring during board meetings

helps me to listen and wearing earplugs in loud environments helps me avoid becoming overly stimulated. These adaptations, coupled with a flexible schedule that aligns with my optimal performance times, allow me to showcase how my neurodivergent traits can be leveraged.

Elected to the Tempe Union High School Governing Board in 2022, I’ve advocated for inclusivity and support for all learners, emphasizing that neurodiverse students are present in all classrooms. My commitment is to promote equity and appropriate resource allocation for every student so that they have the opportunity to succeed. This journey continues to present challenges, yet I remain hopeful for a future where neurodivergent individuals can fully thrive. My diverse experiences have equipped me to advocate for a world where everyone, irrespective of neurodivergent traits, has the opportunity to succeed.

Photos courtesy of Chandler Chamber of Commerce

Q1 Federal Update

by Carly Wakefield

In the early hours of Tuesday, February 13th, the Senate took significant steps toward addressing our most urgent foreign policy concerns, which directly impact our domestic well-being, by approving a $95 billion emergency defense fund. Moreover, it provides resources to deter Chinese aggression in the IndoPacific region and bolster U.S. defenses against Iranian-backed Houthi attacks on commercial shipping in the Red Sea — funds vital for maintaining low inflation and stable consumer prices.

United States Senator Kyrsten Sinema spearheaded a comprehensive border security bill, aiming to address pressing issues at the southern border such as drug interdiction, illegal immigration, asylum requirements and migrant processing efficiency. Marketing the legislation as a “Bipartisan Border Security Package,” Sinema collaborated with senators from both parties to draft the legislation. Despite her bipartisan efforts, the bill currently faces opposition from some Republican counterparts and, so far, has failed to garner sufficient support for advancement in the Senate.

The stringent standards set by Speaker Johnson’s House underscore the significance of 169 Republicans joining Democrats in passing the “Tax Relief for American Families and Workers Act.” Aligned with its advocacy initiatives, the Chandler Chamber, together with coalition partners, endorsed this legislation and participated in an advocacy campaign alongside the Arizona Small Business Alliance. This legislation is meticulously designed to deliver essential relief to working families and small businesses while bolstering America’s competitiveness.

The key provision of the bill allows businesses to immediately deduct their research and development expenses from their taxes, rather than spreading them out over time. This incentivizes companies to invest more in developing new products and enhancing existing ones. This not only fosters the creation of high-quality jobs in our area but also drives technological advancement, which ultimately bolsters the local economy. Moreover, this bill is complemented by a tax package aimed at expanding the child tax credit, potentially lifting an estimated 400,000 children out of poverty. With backing from Senate Majority Leader Chuck Schumer, the passage of this legislation stands to be a significant victory for America’s businesses and communities.

On March 7th, President Joe Biden delivered his fourth State of the Union address, an event annually mandated by the U.S. Constitution. This requirement, outlined in Article II, Section 3, Clause 1, obligates the president to periodically inform Congress about the condition of the nation and propose any measures deemed necessary and advisable. During his address,

President Biden emphasized initiatives aimed at revitalizing the economy, reforming immigration policies and enhancing workforce development. Additionally, he laid out plans for further investments in essential infrastructure, education and healthcare.

Biden highlighted the benefits of the CHIPS Act, which provides substantial funding for new semiconductor manufacturing facilities in the United States. This act notably benefits Intel’s Ocotillo campus in Chandler, Arizona, which has positioned itself to receive billions in funding. This move is an effort to attract and develop businesses across various sectors, working in collaboration with all government levels to bolster Arizona’s economic growth.

The President is urging Congress to swiftly deliver the bipartisan border security bill to his desk for signing, marking a significant step toward enhancing the immigration system in the United States. This legislation entails crucial funding for comprehensive federal immigration reform, supporting law enforcement efforts and generating thousands of new job opportunities. Notably, the bill aims to fortify protection and enforcement measures at the border while facilitating trade and recreational travel processes.

President Biden unveiled a series of initiatives focused on enhancing early childhood education, which include funding for the public school system and universal Pre-K. During a roundtable discussion involving 182 CEOs, he emphasized the critical need for a highly educated workforce and reaffirmed his dedication to broadening access to education for all students. Additionally, the President introduced a program aimed at fostering connections between local businesses and high school students, providing them with real-world experience opportunities, regardless of their college plans.

In his concluding remarks, President Biden underscored the critical need for unity and bipartisanship to address pressing challenges, including inflation and the fortification of democracy. He concluded his speech with a call to action, reminding Americans of our collective strength when united, affirming that there has never been a challenge too great for us to surmount.

Carly Wakefield is Chandler Chamber VP of workforce development & government relations.

Level Up Your Team: The Power of Investing in Employee Growth for Business Brilliance

by Linda Qian and Crystal Blackwell

Investing in your team’s education and skills is like unlocking a superpower for your business, especially with how quickly jobs and technology are changing nowadays. It’s not just about hiring people; it’s about making sure they keep growing and your business stays ahead of the game.

The Chandler Chamber of Commerce knows this is super important. The Education and Workforce Committee is all about helping you keep your team’s skills fresh and on point. With jobs being so hard to fill these days, there’s no time like the present to start giving your employees the tools they need to be awesome at what they do.

So, why should you spend time and money on this? Well, when your team knows their stuff and has the latest knowhow, they’re going to do better work, come up with great ideas and be happier at their jobs. They’ll stick around, make your customers happy and help your business easily adapt to new trends and technologies.

Things at work are changing faster than ever — with folks working from home, new gadgets popping up all the time and everyone needing to be good with people just as much as they’re good with tech. That’s why the Chamber’s here to

STAFF LIST

Terri Kimble President/CEO

Angie Poirier Director of Operations

Carly Wakefield Vice President of Workforce Development & Government Relations

Susan Brinegar Business Development Area Manager

Drew Hernandez Marketing & PR Manager

Barbara Caravella Project Manager

Chris Butler

Membership Retention Specialist

Robert Sinkule, Yoga’s Arc – 2024 Board Chair, Executive Committee

Terri Kimble, Chandler Chamber of Commerce – President & CEO, Executive Committee

Warde Nichols Arizona State University – Immediate Past Board Chair, Executive Committee

Hilen Cruz, SRP – 2025 Board Chair, Executive Committee

Rick Heumann, CMA – Past Board Chair, Executive Committee

Richard Amoroso, Squire Patton Boggs – Legal Counsel Chair, Executive Committee

Jackson Armstrong, Armstrong Hospitality – Golf Committee

Dr. Cindy Banton, AVID Consulting, LLC – DE&IB Committee, Leadership Program

Crystal Blackwell, Crystal Clear Results –Education & Workforce Committee

Morgan Carr, Cox Communications

Monica Greenman, Chandler Fashion Center

Ralph Guariglio Arizona Residential & Commercial Realty – Ostrich Festival Chair

Samantha Gulick, Harrah’s Ak-Chin Casino & Hotel

help with a series of easy-to-understand events, handy tips and advice from experts to make sure your team is tough, smart and ready for the future.

This year’s looking bright — putting time into your team’s growth isn’t just about work. It’s about building a place where learning new things is just part of what you do every day, and that’s good for everyone. The Chamber is here to back you up and help your business stand out during these fast-changing times.

Linda Qian and Crystal Blackwell are co-chairs of the Chandler Chamber education & workforce committee.

BOARD OF DIRECTORS

Kelly Harris, Air Products & Chemicals –Lease Committee Chair

Kurt Johansen, Western State Bank – Executive Committee, Finance Committee

Najwa Khazal, Edwards Vacuum

Dan Kush, Consultant – Executive Committee, Good Government Committee, Finance Committee

Clark Landrum, WM of Arizona, Inc. –Golf Committee

Andrea Marconi, Fennemore Craig, PC – Executive Committee, Women in Leadership Committee

Ryan Moyer, Gila River Resorts & Casinos

Dr. Wendy Nance, Chandler Unified School District – Education & Workforce Development Co-Chair

Susan Perlman Dogtopia of South Chandler

Brian Peters, Toyota Financial Services –Executive Committee

Dr. Greg Peterson Chandler-Gilbert Community College – Education & Workforce Development Co-Chair

Robert Puller, Wells Fargo Bank

Sally Putnam, NOW Financial –Programs & Events, Ostrich Festival Committee

Linda Qian, Intel Corporation –Programs & Events

David Ralls, Commit Agency –Ostrich Festival Strategic Plan & Contract Task Force

Laura Robertson, Banner Health –Finance Committee

Jerry Sanniec, Laser Creations – Ostrich Festival Committee

Peter Sciacca, di Sciacca Glassware & QuartHaus – Programs & Events, Ostrich Festival Committee

Ashley Shick, Bashas’ Family of Stores

Dunston Simpson Encompass Tek –Programs & Events, Golf Committee

Mark Slyter, Dignity Health

Seth Tucker, Price Mortgage –Golf Committee Chair

Chuck Wolf, Caring Transitions –Ambassador Chair, Ostrich Festival Committee, Golf Committee

Russ Wood, Woodrow Technology Solutions Inc. – Public Policy Co-Chair

Mayor Kevin Hartke, City of Chandler –Ex-Officio

Mike McClanahan, St. Vincent de Paul –Chamber Foundation Chair, Leadership Program, Finance Committee, Ex-Officio

Joan Saba, Saba’s Western Wear –Chamber Foundation Liaison, Ex-Officio

ARIZONA’S MOST INNOVATIVE COMMERCIAL REAL ESTATE FIRMS

Plaza Companies and Holualoa Companies have been proud to partner on some of the most transformational redevelopment projects in Arizona –including SkySong, the ASU Scottsdale Innovation Center and Park Central.

As two competitive, connected, and skilled real estate firms, our history of working with educational institutions and fostering publicprivate partnerships has taken each of our projects to the next level and we are excited to see the community impacts.

For

SkySong, The ASU Scottsdale Innovation Center

Aboujaoude, Elias, 43

Blackwell, Crystal, 58, 62

Brier, David, 51

Brody, Norman, 24

Butler, Rick, 20

Butler, Tyler, 48

Campbell, Amy, 66 Carlson, John, 34

Casey, Scott, 21

Conklin, Chloe, 16

Cuthbert, Jeff, 20

Dang, Alex, 43

Davidds, Yasmin, 43

3D InCites, 26

Alliance Bank of Arizona, 11

Arizona Commerce Authority, 68

Arizona Community Foundation, 49

Arizona Entrepreneurs’ Organization, 20

Arizona Office of Tourism, 64

Arizona REALTORS®, 48

AV Concepts, 67

Blue Cross Blues Shield of Arizona, 5

Breakfast Kitchen Bar, 56

Butler Design Group, 20

CBRE, 34

Chandler Chamber of Commerce, 57 Colliers, 14

Cushman & Wakefield, 34

Davis Commercial AZ, 23

Delta Dental of Arizona, 20

Denova Collaborative Health, 30

Echo Real Estate Capital, 23

Enterprise Bank & Trust, 42

EPIC Disability Advocacy, 60

Gallagher & Kennedy, 46

Davis, Andrea, 23

Donohue, Nathan, 20

Drucker, Scott, 48

Fletcher, Julie, 42

Folger, Todd, 34

Garcia, Emma, 54

Gramzay, Kathleen, 50

Greenawalt, Mike, 20

Harper, Sharon, 34

Hayes, Scott, 26

Kearney, Chris, 16

Khatami, Jay, 24

Kimble, Terri, 57

Kinney, Suzanne, 13

Knoll, Ryan, 18

Lind, Michelle, 48

Lujan, Amy, 26

Markham, Andy, 34

Montgomery, Stephanie, 21

Morgan, Holly, 56

Nguyen, Huy, 32

Orras, George, 30

Pratt, Jim, 59

Pratt, Trevor, 34

Purves, Steve, 22

Qian, Linda, 58, 62

Gensler, 4

Globe Corp., 23

Goodmans, 45

Goodwill of Central and Northern Arizona, 7

Goodyear, City of, 19

Handwrytten, 55

Holualoa Companies, 63 HonorHealth, 31 Intelligent.com, 32 Jive, 12 JLL, 34

Kinessage® LLC, 50

Kiterocket, 27, 28

Lexus, 55

LGE Design Build, 23

Marcus & Millichap, 20

Mark-Taylor Companies, 34

Max & Ollie, 21

Merit Partners, 8

NAIOP Arizona, 13

National Bank of Arizona, 15, 25

Northern Arizona University, 30

Optum – Arizona, 16

Rector, Jessica, 52

Rousseau, David, 59

Sarbinoff, Ryan, 20

Shepherd, Ben, 32

Steele, Amanda, 60

Strebulaev, Ilya, 43

Teets, John W. Jr., 24

Thorne, Tyler, 46

Understahl, Jennifer, 16

Van Dusen, Chris, 44

von Trapp, Françoise, 26

Wakefield, Carly, 61

Yates-Woods, Whitney, 20

P.B. Bell, 66 PADT, 33

Perkins Coie, 16

Phoenix Raceway, 29

Phoenix Symphony, The, 17

Plaza Companies, 34, 63

Polestar Scottsdale, 9

PrismJet, 21

ProTech Detailing, 25

Puttshack, 32

RED Development, 23 Renewa, 24

Rosendin, 20

Solyco Capital, 44

SRP, 3, 20, 59

Stearns Bank, 12

Sunbelt Holdings, 33

Tidy Casa, 18

Tiffany & Bosco, 47

TruWest Credit Union, 16

UnitedHealthcare, 2

Valley of the Sun United Way, 54

Valleywise Health, 22

Yates Buick GMC, 20

In each issue of In Business Magazine, we list both companies and indivuduals for quick reference. See the stories for links to more. Bold listings are advertisers supporting this issue of

Amy Campbell is the director of learning and development at P.B. Bell. She is responsible for developing and managing P.B. Bell’s in-house training and career development program, P.B. Bell University. This includes more than 900 courses offered online as well as in-classroom and onsite training. pbbell.com

Building Successful Employee Training Programs

Four key components to establishing an effective training program by

Amy Campbell

In a world that runs on change and innovation, companies must continuously adapt to meet the evolving needs of their communities. A local multifamily real estate development and management company, P.B. Bell, saw a need early on to provide its employees with a comprehensive continuing education program to keep up with the changing landscape of its industry.

The company established P.B. Bell University to reflect a commitment to the growth and development of its employees. Using the success of this program as a guide, the following are four key strategies that other businesses can utilize to foster employee success.

IMPLEMENT TRAINING SOFTWARE/SESSIONS

When thinking about training, most businesses consider traditional methods such as workshops and seminars. However, in today’s digital age, training software plays a crucial role in modern training programs, offering an extensive platform for employees to enhance their skills and knowledge. P.B. Bell University utilizes a software program called Aspire to give its employees a wellrounded education on topics such as leadership and policies.

Every employee at P.B. Bell has access to the course catalog offered through Aspire. Upon onboarding, each position is assigned a personalized learning plan, which includes several learning steps. For instance, an assistant community manager follows a 10-step learning plan, comprised of 140 required course assignments.

In addition to this online learning platform, P.B. Bell hosts quarterly meetings to enhance employees’ skills and motivation, fostering a strong connection from the beginning of their careers. Also, P.B. Bell offers several special in-person training sessions. One example is this year’s “Tribute Interview Preparation and Celebration,” which helped attendees prepare for the AMA Tribute Awards interviews.

One of the most memorable in-person elements of P.B. Bell University is the onboarding process. This process takes place at the corporate office and allows employees to feel connected on Day 1 and supported. During this training session, each new employee is introduced to leadership and support staff. Additionally, they complete their core compliance courses through Aspire, enjoy a special lunch, have their headshot taken for their signature and receive a special welcome kit with items that remind them of the company’s core values.

Finally, it’s important to look for ways to connect with top associations in one’s industry. P.B. Bell employees can participate in additional training sessions and events offered by the Arizona Multihousing Association. By being part of this association, P.B. Bell has gained recognition with several awards year after year.

TRACK SUCCESS

Tracking a learning plan’s completion is essential for organizations to evaluate the effectiveness of the training and identify areas for improvement. This dedication to employee development not only enhances the program, but also serves as a key metric for the overall success of the organization.

P.B. Bell University also celebrates top learners. This recognition incentivizes employees to engage in the training program and aim for excellence, leading to increased motivation and a commitment to professional development.

ESTABLISH COMPANY VALUES

Company culture is the foundation of any successful organization, shaping its values, behaviors and practices. Teaching new employees the company’s values can ensure that they are aligned with the organization from the start, leading to significant job satisfaction, greater productivity and employee retention.

P.B. Bell has five core values: get creative, act with integrity, be accountable, show you care and enjoy the ride. These values are celebrated at all levels of the organization, and the company’s commitment to instilling them into everything the team does strengthens their impact.

FACILITATE MENTORSHIP

Mentorship programs play a vital role in employee development, providing new hires with personalized guidance and support as they navigate their roles.

P.B. Bell’s mentorship program pairs each new hire with a seasoned manager, ensuring personalized guidance and continuous support. These mentors are always available and a direct line for all questions.

Additionally, P.B. Bell hosts Meet & Eats sessions to provide a platform for nurturing relationships and fostering a collaborative environment. Meet & Eats happen once every two weeks; three people from the corporate team go and have lunch with one of the on-site teams at a P.B. Bell property. It’s important that the on-site teams have a healthy balance of support and feedback, and these Meet & Eats help accomplish that goal. Also, P.B Bell holds bi-weekly HQ Crew support sessions, designed to provide updates and support to on-site teams while keeping the corporate support connection strong. These four key initiatives will, collectively, contribute to the personal and professional growth of employees. By providing continuous learning opportunities, fostering strong connections within the company, and ensuring employees are well-equipped to excel in their roles, P.B. Bell University sets the standard for effective training programs.

P.B. Bell University’s onboarding process includes a personalized experience for each new hire, complete with in-person introductions to P.B. Bell’s leadership and corporate support staff, a P.B. Bell lunch box and in-person review of the company’s values. This unique approach sets the stage for a successful and engaging start to their career at P.B. Bell.

In Arizona, innovation is everywhere. The Arizona Commerce Authority is proud to support startups at all stages through a comprehensive suite of programs and partners. The Arizona Innovation Challenge, Venture Ready Accelerator, Virtual Accelerator, Venture Madness and Plug and Play accelerateAZ connect founders to mentors, partners, investors and other capital to grow their ventures. Learn more about how Arizona prioritizes innovation at azcommerce.com/programs.